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What's Keeping a Lid on Precious Metal Prices?

PART:
1 2 3 4 5
Part 4
What's Keeping a Lid on Precious Metal Prices? PART 4 OF 5

How Are Miners Moving in February 2018?

Miners’ performances

In this article, we’ll focus on miners’ moving averages and relative strength index (or RSI) readings. The miners we’ve selected for analysis are Pan American Silver (PAAS), Barrick Gold (ABX), IAMGOLD (IAG), and Harmon Gold (HMY).

These four miners have fallen on a YTD basis. PAAS, ABX, IAG, and HMY have dropped 2.4%, 9.7%, 9.8%, and 8.6%, respectively, on a YTD basis. The VanEck Vectors Junior Gold Miners (GDXJ) also lost 10.3% YTD.

How Are Miners Moving in February 2018?

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Moving averages

These four miners are trading below their shorter-term 20-day and longer-term 100-day moving averages. Even GDXJ is below its 20-day and 100-day moving averages. A considerable discount below the 20-day and 100-day moving averages could indicate a potential price rise, while a huge premium above the 20-day and 100-day moving averages suggests a probable downturn in price. The target prices for all four miners are above their current prices, indicating a positive outlook.

Relative strength index

PAAS, ABX, IAG, and HMY have RSI levels of 32.1, 23.6, 27.4, and 50, respectively. GDXJ has an RSI level of 26.7. An RSI score of lower than 30 suggests a potential rise in price, while an RSI score of above 70 indicates a probable decline in price.

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