Harmony’s Gold Rush Continues: Over 70% Up for the Year

Harmony Gold Mining Company Ltd (JSE: HAR) has been on a notable upward trajectory, showcasing a consistent upward momentum in its share performance. Today, the company’s shares surged by 0.93%, contributing to a robust month-to-date increase of 19.13% and an impressive year-to-date surge of 75.01%. These gains align with recent market movements, where gold miners, including Harmony Gold, have risen in response to a weakened dollar and falling Treasury yields.  

The company’s operational update for Q1FY24 also revealed a substantial 17% increase in group gold production, leading to a commendable 33% rise in gold revenue. Moreover, Harmony Gold’s strategic focus on copper mining signals a significant shift in future growth prospects. 

Technical Analysis 

The daily chart shows that Harmony Gold’s current price stands at R102.92, trading consistently around a significant level. The moving averages indicate a favourable position, with the stock trading above the 50-SMA (blue line), 100-SMA (orange line), and 200-SMA (red line), indicating the market is tilted in favour of the bulls. However, the recent cross between the 50-SMA and 100-SMA could suggest a potential change in short-term momentum. The Relative Strength Index (RSI), currently at 67.41 with an upward trend, implies a possibility of nearing overbought levels. 

Therefore, the share appears poised for short-term bullish moves, with resistance levels at R108.41 and R115.35 in sight if the current level sustains a push higher. However, the proximity of the RSI to overbought levels might prompt a brief pullback towards the support level at R96.40. Further downside could see the stock testing support at R85.67.  


Harmony Gold’s stellar year-to-date performance aligns with positive market sentiment for gold miners. The fundamental strength, coupled with technically favourable conditions, positions Harmony Gold for potential upward moves towards R108.41 and potentially R115.35 in the short term.  

However, investors could exercise caution, given the proximity to overbought levels, and monitor key levels such as the R96.40 support level, which could come into play should a short-term pullback materialize. 

Sources: TradingView, Dow Jones Newswire, Harmony Gold Mining Company, Investing.com, Reuters, MT Newswire, PR Newswire, Seeking Alpha, BusinessLive. 

Piece written by Mfanafuthi Mhlongo, Trive Financial Market Analyst 

Disclaimer: Trive South Africa (Pty) Ltd, Registration number 2005/011130/07, and an Authorised Financial Services Provider in terms of the Financial Advisory and Intermediary Services Act 2002 (FSP No. 27231). Any analysis/data/opinion contained herein are for informational purposes only and should not be considered advice or a recommendation to invest in any security. The content herein was created using proprietary strategies based on parameters that may include price, time, economic events, liquidity, risk, and macro and cyclical analysis. Securities involve a degree of risk and are volatile instruments. Market and economic conditions are subject to sudden change, which may have a material impact on the outcome of financial instruments and may not be suitable for all investors. When trading or investing in securities or alternative products, the value of the product can increase or decrease meaning your investment can increase or decrease in value. Past performance is not an indication of future performance. Trive South Africa (Pty) Ltd, and its employees assume no liability for any loss or damage (direct, indirect, consequential, or inconsequential) that may be suffered from using or relying on the information contained herein. Please consider the risks involved before you trade or invest.