why down 3.8% today( $4.27) ???, page-48

In short - yes. However, the situation is more complicated than that. The chart of recent SBM SP activity (below) shows a resistance line at about $5 that was formed in late June early July, which was broken through on 6 July on news of a positive production update, but momentum couldn't be sustained and SP dropped a few days later. This peak had nothing to do with the price of gold (see the second chart).

The SBM SP peak of $4.99 on 4 January coincided with (and was probably caused by) a recent strong increase in the price of gold, coinciding with a drop in the value of the Australian dollar (there was a flash crash on the Yen (apparently) which also affected AUD which then took a few days to recover, creating a false low). The SBM peak on 4Jan19 fell over the following Monday because the price of gold dropped almost $20 that Friday night (it came close to the US$1300 resistance line, but failed to get through) and has yet to fully recover, while the AUD has recovered.

SBM share price




Price of spot gold



However, your point about $5 being a psychological barrier is a valid one. Here's a screenshot of the CommSec quote screen at close on 4Feb19 showing the enormous number of sellers sitting at $5.00. There is a definite phenomenon of 'round numbers' - people like them! So I expect that when the SBM share price gets up towards $5 again, there'll definitely be a barrier to get through. I don't think it will happen unless the price of gold breaks US$1300, or else SBM announces some blindingly good news



Now, I'd be pleased if someone could explain why SBM has gone up 2.5% today as the price of gold is going sideways, as is AUD.