RE:RE:RE:RE:RE:Range bound NEWMONT MINING RISES ABOVE $75
Newmont – Gold Mining Company (NEM) is up +33.46% year to date compared to the S&P 500 -4.62%. According to www.newmont.com, “Newmont is the world’s leading gold company and a producer of copper, silver, zinc, and lead.
Newmont’s bull market started back in September 2015. During the past 6-years, Newmont’s stock price has experienced several strong rallies that ranged from +$30 to +$40 each. Newmont’s recent price level is now four times greater than the low it made in 2016.
Utilizing the same Fibonacci tool, but this time measuring from the $15 lows to the $30 lows, we learn that Newmont had a strong reaction down after reaching the key $75 level. However, this reaction found buying support at the Fibonacci 2.618 level of $52.67. Newmont has since rallied by $30, which has allowed its price to blow through its previous $75 top resistance level.
Newmont may be showing us that the gold spot and the GLD-ETF will both make new highs.
NEM – NEWMONT ‘GOLD MINING’ – NYSE – DAILY CHART