Mining Shares’ Directional Move in October

Most of the mining shares saw a downside move in the price on October 19, 2017, but gold and silver had an up day.

Meera Shawn - Author

Oct. 23 2017, Updated 2:06 p.m. ET


Reaction of mining shares

Most of the mining shares saw a downside move in the price on October 19, 2017, but gold and silver had an up day. Typically, we expect mining stocks to follow the trend in these metals. However, they can deviate.

In this part, we’ll look at key mining stocks’ technical details. We’ll discuss the moving averages and RSI (relative strength index) levels of Yamana Gold (AUY), Coeur Mining (CDE), Barrick Gold (ABX), and Hecla Mining (HL).

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These miners’ YTD (year-to-date) returns have been turning negative. Yamana Gold, Coeur Mining, and Hecla Mining have seen a YTD loss of 3.2%, 8.6%, and 4.6%, respectively. Barrick Gold has seen a marginal YTD gain of 0.31%. Notably, the silver-based Global X Silver Miners (SIL) has a YTD gain of 3.7%.

Long and short-term averages

Coeur Mining, Barrick Gold, and Hecla Mining are trading below their 20-day and 100-day moving averages, while Yamana Gold is trading above it’s 20-day and 100-day moving average.

Remember, a considerably high premium on the 20-day and 100-day moving averages could indicate that prices might decline. A reasonable discount below the 20-day and 100-day moving averages could suggest that prices might bounce soon. 

Yamana Gold, Coeur Mining, Barrick Gold, and Hecla Mining’s RSI levels are 61.5, 27.9, 47.3, and 44.3, respectively. An RSI above 70 tells us that the stock might be overpriced, while an RSI below 30 hints that the stock might be underpriced.


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