Harmony Gold Mining Company Limited

Harmony Gold Mining Company Limited (NYSE: HMY) is a gold mining company headquartered in South Africa, engaged in both the exploration and production of gold. Its operations cover the full value chain from resource discovery to ore processing and refining, and are organized across three core segments: underground mining in South Africa, surface retreatment activities, and an international portfolio of assets.

As per US Dailies Report published on ‘HMY’ on Jan 20, 2026, Kalkine provided an ‘Buy’ stance on the stock at USD 21.8 based on technical analysis and the stock price has now moved up by ~ 19.45% since then.

Noted below are the details of support and resistance levels provided in our previous report:

Rationale:

Harmony Gold Mining shares advanced alongside a broad rally in gold equities after bullion surged to fresh record highs above USD 5,300 per ounce, driven by safe-haven demand, a weakening U.S. dollar, easing monetary conditions, and strong investor inflows into gold ETFs. While the higher gold price environment materially improves near-term revenues, margins, and cash generation for producers like Harmony, the sharp run-up in both bullion and mining stocks following consecutive record peaks increases the risk of near-term normalization, particularly if geopolitical tensions ease or policy expectations shift, warranting a more cautious stance after the recent strength.

Share Price Chart 

Conclusion

Following Harmony Gold’s recent share surge, driven by record-high bullion prices, a weaker U.S. dollar, and ongoing macroeconomic volatility, a "Sell" recommendation on Harmony Gold Mining Company Limited (NYSE: HMY) has been given at the closing market price of USD 26.04 as on 28 January 2026.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 28 January 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.