Mining Shares’ Performance in the First Week of August



Mining shares

Most mining shares saw a downturn in their price on August 3 as precious metals also fell. The past few weeks were beneficial for miners. Precious metals showed a continuous uptrend with the decline in the US dollar.

In this part of the series, we’ll look at the performance of Silver Wheaton (SLW), Pan American Silver (PAAS), AngloGold Ashanti (AU), and Harmony Gold (HMY).

Silver Wheaton and Pan American have YTD (year-to-date) gains of 3.1% and 10.7%, respectively. AngloGold and Harmony have YTD losses of 11.1% and 21.3%. The Sprott Gold Miners (SGDM) is trading with a YTD rise of 7.6%.

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Technicals of mining stocks

AngloGold is trading below its 20-day and 100-day moving average. Silver Wheaton, Pan American, and Harmony are trading above their 20-day moving average, but below their 100-day moving average. 

A reasonably high premium over a stock’s price suggests a possible fall in the price. A considerable discount to a stock’s price suggests a probable increase in the price. 

These mining shares’ target prices are higher than their current trading prices. When the target price is less than the current trading price, it suggests a negative outlook. On the other hand, a target price above the current price indicates a positive outlook.

The miners’ RSI levels have also recovered. SGDM has an RSI of ~65.8.


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