Gold mining stocks performed miserably until the end of February 2024 with the Gold to iShares MSCI Global Gold Miners ETF ratio reaching 100. Since then, the trend reversed with a death cross formation triggered for gold at the beginning of May 2024 at the price of 88.20.
The 50 and 200 day moving averages are both poised to the downside which underlines the overall resilience of gold mining stocks. Bullish diversion indications on the 14 day relative strength index and the MACD-V indicator suggest that a technical counter move towards the 50 day moving average at 80.47 could be about to unfold.
Our opinions are not a recommendation to buy or sell a security. Your decision whether or not to open a transaction should be based on your own due diligence and not on any representation we make to you.
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