Metals & Mining ETF: Reversal in play (NYSE:XME, NYSE:SA, NYSE:EXK, NASDAQ:RGLD )
The SPDR S&P Metals & Mining ETF ($XME) is trading up again today, retesting the summer high of $37.80 set last week. Shares were last at $37.56 on a volume of 698,167 shortly after 11 am EST.The chart of the XME, like many of the metals and mining stocks has formed a reversal pattern known as in inverse head and shoulders. Technical traders would be looking for a measured move of about $6 above the neckline at $36, or a target near $42 per share for the XME. That level was support last fall and became resistance in March as shares failed to rally above the prior support. Technicians will look for the $36 level to hold for the pattern to remain valid.
Shares are above the 50 day moving average and are approaching the 200 day, currently at $39.39.
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The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the metals and mining segment of a U.S. total market composite index. In seeking to track the performance of the S&P Metals & Mining Select Industry Index (the “index”), the fund employs a replication strategy. It generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index represents the metals and mining industry group of the S&P Total Market Index (“S&P TMI”). The fund is non-diversified.
The top performing peers this past month have been Seabridge Gold (NYSE:SA) at $15.97 up +39.49% in the past month, Endeavour Silver Corp (NYSE:EXK) at $5.31, up +29.08% and Royal Gold, Inc (NASDAQ:RGLD) at $63.92 up +25.65% in the past month.
Their respective charts are listed below.
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Seabridge Gold, Inc. is a development stage company. It acquires and explores gold properties located in North America.
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Endeavour Silver Corporation is a mid-tier silver mining company focused on the growth of its silver production, reserves and resources in Mexico. The Company owns three silver producing mines in Mexico: the Guanacev mine, the Bolaitos & El Cubo mines.
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Royal Gold Inc, together with its subsidiaries, is engaged in the business of acquiring and managing precious metals royalties, precious metals streams and similar interests.
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