Mining stocks and their performances
Precious metal miners saw a mixed performance on Thursday, November 2, 2017. In this series, we’ll look at some technical details of mining stocks such as moving averages and YTD (year-to-date) three-month returns. We’ll compare the performances of First Majestic Silver (AG), Goldcorp (GG), Silver Wheaton (SLW), and AngloGold Ashanti (AU).
Among the four miners we’re covering in this series, only Silver Wheaton has a YTD gain of 7%. AG, GG, and AU have YTD losses of 9.3%, 4%, and 10.7%, respectively. The VanEck Vectors Junior Gold Miners ETF (GDXJ) has a marginal YTD gain of 2.8% as of November 2, 2017.
All four miners except Silver Wheaton are trading below their 20-day and 100-day moving averages. A huge discount below the 20-day and 100-day moving averages suggest a possible revival in price, while a premium suggests a likely fall.
The target prices of these four mining shares continue to be higher than their current trading prices, which suggests that there could be a rise in price.
AG, GG, SLW, and AU have RSI levels of 38.1, 41.3, 55.1, and 48.3, respectively. An RSI level below 30 indicates a potential upward movement in price, while an RSI above 70 indicates a possible downturn in price. The RSI level of GDXJ is 18.3. These low RSI numbers indicate that prices could revise upward.