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SSR Mining (NASDAQ: SSRM) shares jumped 3.6% through 10:25 a.m. ET Thursday, reversing a sell-off triggered by the U.S. Federal Reserve's first interest rate increase in three years.
The catalyst for the reversal is the stabilization of the gold complex after an initial shock to the market.
The next confirmable milestone for the setup is the continued behavior of spot gold prices in the face of rising borrowing costs.
The Federal Reserve, led by new chairman Kevin Warsh, raised its target interest rate by 0.25% to a new range of 3.75% to 4%.
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