Why Is Coeur Mining Stock Surging on Wednesday?
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ALBILAD GOLD ETF 9405.SA | 0.00 | |
abrdn Physical Gold Shares ETF SGOL | 0.00 | |
VanEck Merk Gold ETF OUNZ | 0.00 | |
Gold Trust Ishares IAU | 0.00 |
Coeur Mining, Inc. (NYSE:CDE) stock traded higher on Wednesday as precious metal-related stocks gained momentum from the sharp rise in gold prices. The Nasdaq is down 0.36% while the S&P 500 has gained 0.04%.
Gold extended gains to around $4,250 an ounce on Wednesday, marking its highest level since June 18, according to Trading Economics.
The surge followed a weaker dollar and anticipation of a deal over the Strait of Hormuz that would ease inflation and future rate-hike concerns, according to Benzinga Pro.
President Donald Trump said the U.S. and Iran held "very good discussions" on Tuesday, raising market hopes for a deal to end their five-month conflict.
The prospect of restored Middle Eastern energy supplies pushed oil prices down approximately 10% this week, lowering broader inflation concerns and reducing expectations for further Fed tightening.
Critical Levels To Watch for CDE Stock
From a longer-term trend view, CDE is still working back from mid-year damage: the 50-day SMA is below the 200-day SMA (a death cross that occurred in June), which typically signals the bigger trend needs more time to fully repair. That said, the stock is now trading 12.2% above its 20-day SMA ($15.43) and 5% above its 50-day SMA ($16.49), showing the intermediate-term rebound is still intact.
The key "tell" right now is the battle around the longer averages: CDE is trading 1.7% below its 100-day SMA ($17.61) and 6.9% below its 200-day SMA ($18.59), so rallies are still running into overhead supply. MACD is above its signal line with a positive histogram, which in plain English suggests downside pressure is easing, and momentum is improving versus the prior downswing—even if the longer trend hasn’t fully flipped.
- Key Resistance: $20 — a round-number zone that can act as a natural stalling point as price works back toward longer-term overhead supply
- Key Support: $15 — a nearby round-number area that sits close to the recent base and the 20-day SMA region where buyers have been active
CDE Price Action: Coeur Mining shares were up 7.37% at $17.40 at the time of publication on Wednesday, according to Benzinga Pro data.
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