How Mining Shares Moved on October 2


Oct. 4 2017, Updated 7:44 a.m. ET

Miners’ mixed reactions

The US dollar and global tensions have been crucial in determining the prices of precious metals and mining shares. When global uncertainty rises, so do the prices of precious metals that act as a haven asset. Miners usually react in accordance to precious metals, but that is not always the case. If we observe the movement of mining shares on Monday, October 2, some dropped alongside precious metals, while others got a lift.

In this part of the series, we’ll look at Cia De Minas Buenaventura (BVN), Kinross Gold (KGC), Alacer Gold (ASR), and Harmony Gold (HMY).

BVN and KGC have seen year-to-date gains of 13.5% and 34.7%, respectively. ASR and HMY have fallen 3.1% and 18.6%, respectively, year-to-date. The VanEck Vectors Junior Gold Miners ETF (GDXJ) has risen 6.5%.

Article continues below advertisement

Miners’ technicals

These four miners are trading below their 100-day moving averages, and BVN and ASR are trading above their shorter-term 20-day moving averages. KGC and HMY are trading below their 20-day moving averages.

huge premium over the 20-day and 100-day moving averages could suggest that their prices may soon decline. However, a significant discount below the 20-day and 100-day moving average could suggest that the price may rise.

BVN, KGC, ASR, and HMY have RSI (relative strength index) levels of 38.6, 27.4, 55.9, and 34.7, respectively. An RSI level below 30 suggests a pullback in price.


More From Market Realist

    • CONNECT with Market Realist
    • Link to Facebook
    • Link to Twitter
    • Link to Instagram
    • Link to Email Subscribe
    Market Realist Logo
    Do Not Sell My Personal Information

    © Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.