Gold Miners Are Lagging. Here's What's Leading.

Research Notes May 2026 > https://www.unum.capital/post/rmay2026

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Summary: Chemicals and Coal Miners are the absolute standouts this week, staging dramatic upward surges compared to the last period. Chemicals erupted into an intense High Bullish state across all timeframes, while Coal Miners successfully broke out from a stagnant shorter-term base to establish a decisively Strong footing across the board. Meanwhile, Telecoms and Diversified Miners have firmly maintained their intense, bullish momentum, sustaining serious strength built upon solid Long-Term foundations. On the building front, Insurers, Hospitals, and Consumer Staples successfully held onto their Strong shorter-term positioning, defending last week's gains. Conversely, several sectors suffered a severe loss of momentum compared to last week's breakouts; Banks sharply cooled from Strong and High Bullish shorter-term states to stall back at Neutral, while both Technology and Consumer Discretionary entirely surrendered their recent Short-Term strength to fade back to Neutral alongside lingering Medium-Term weakness. The precious metals block shows slight stabilization from last week's severe sell-offs, with Platinum Miners settling at Neutral across the board and Gold Miners easing slightly from High Bearish to Weak in the Short Term. Finally, Paper & Pulp highlights a sharp divergence, worsening into a High Bearish Long-Term regime while shorter horizons stabilized to Neutral, while Luxury Goods remains entirely stagnant under persistent longer-term weakness.

Lester Davids

Senior Investment Analyst: Unum Capital