Kalkine Media explores three gold stocks to watch in November

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 Kalkine Media explores three gold stocks to watch in November
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Highlights

  • So far in November, gold has experienced a phase of retrieval, with the index going up by 10% over a fortnight.
  • Nevertheless, there are visible signs of losing momentum, with the falls noticed throughout equity markets.

So far in November, gold has experienced a phase of retrieval, with the index going up by 10% over a fortnight. Nevertheless, there are visible signs of losing momentum, with the falls noticed throughout equity markets on Wednesday in line with the sentiment for gold.

A notable point to remember is that gold has essentially been dealt with in line with risky assets. This implies that even if the dollar goes down and indices go up, the performance of the market will still be in good form. However, gold could be dragged down again if the trend is overturned to the more typical scenario of the dollar strengthening and equity weakening.

                                                           ©2022 Kalkine Media®

Taking that into consideration, a good deal of the overall sentiment is propelled by risk approaches in various segments of the financial markets. The latest bouncing back of gold has given us a double bottom structure, indicating the potential for even more upside after surpassing the $1,729 level.

Though, the $1,808 point symbolises the subsequent key obstacle to triumph over, provided we genuinely consider that the downtrend for this year has ended. So far, we have witnessed a slight change in momentum, suggesting the possibility of a downward move. A push beneath the 80 levels on the stochastic would indicate a sell.

Considering all this, let’s look at the performances of a few gold stocks trading on the London Stock Exchange.

Endeavour Mining plc (LON: EDV)

Endeavour Mining plc’s market capitalisation at around 12:30 PM (GMT) on Thursday stood at £4,056.09 million. Meanwhile, EDV shares were trading at GBX 1,630.00, experiencing a decline of 18.00 points, or 1.09%. The mining firm’s EPS (earning per share) stood at 0.90 at the time, with a turnover (on book) of £659,788.59. However, its returns on both YTD (year to date) and yearly basis stood in the negative territory, at -2.40% and -18.30%, respectively.

Centamin plc (LON: CEY)

Centamin plc’s market capitalisation at around 12:30 PM (GMT) on Thursday stood at £1,173.22 million. Meanwhile, CEY shares were trading at GBX 100.90, experiencing a decline of 0.55 points, or 0.54%. The gold miners EPS stood at 0.09 at the time, with a turnover (on book) of £212,306.84. While its yearly return stood in the negative territory, at -3.44%, on YTD basis, it gave returns of 13.60%.

Caledonia Mining Corporation plc (LON: CMCL)

Caledonia Mining Corporation plc’s market capitalisation at around 12:30 PM (GMT) on Thursday stood at £133.14 million. Meanwhile, CMCL shares were trading at GBX 1,037.50 at the time of writing. The mining firms EPS stood at 1.49 at the time. While the YTD basis stood in positive 11.48%, its yearly returns stood in  the negative territory, at -7.07%. 

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