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This Crucial Factor Could Be Impacting Gold the Most

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Part 4
This Crucial Factor Could Be Impacting Gold the Most PART 4 OF 4

How Mining Stocks Performed in the 1st Week of November

Mining stock performances

In order to analyze the precious metal market’s performance, it’s crucial to look at the core miners and their technical details. Here, we’ll compare the performances of AngloGold Ashanti (AU), Kinross Gold (KGC), Silver Wheaton (SLW), and Pan American Silver (PAAS).

AngloGold Ashanti and Pan American Silver have seen YTD (year-to-date) losses of 8% and 3%, respectively. Kinross and Silver Wheaton have seen YTD gains of 38.3% and 4.2%, respectively. Meanwhile, the VanEck Vectors Gold Miners Fund has seen a YTD gain of 7.6%.

How Mining Stocks Performed in the 1st Week of November

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Moving averages

In contrast to AngloGold and Kinross, Silver Wheaton and Pan American are trading below their 20-day and 100-day moving averages. But all four of these miners saw a down day on November 9.

Remember, a significant discount to the 20-day and 100-day moving averages suggests a possible revival in the price, while a premium suggests a potential decline.

Notably, these four miners’ target prices are above their current trading prices, which indicates a potential increase in prices.

RSI levels

AngloGold Ashanti, Kinross, Silver Wheaton, and Pan American Silver have RSI (relative strength index) levels of 49.5, 59.8, 39.2, and 17.1, respectively. An RSI level lower than 30 indicates that we might see upward movement in prices, while an RSI higher than 70 indicates a possible downturn in prices.

GDX’s RSI was most recently 38.8.

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