Newmont Mining - NEM - Daily - Still poised for the rally ahead

259 4 5
Gold             and Gold             stocks continue to disappoint those who want to see something go UP (other than Bonds) when there is turmoil, war and economic unrest in the world. Looking at the chart, you can see how the price of gold             and lead and lag the chart of NEM             by a little. The bullish pennant that NEM             is forming here is being held back by the chart of gold             . Each time the rally sets up (we close > the most frequent price in the sideways pattern), it then gets knocked back down to regroup.

You can see NEM             is sitting right on the frequent price here at 25.11. Watch it closely. With the beginning of new months (and on new quarters and even more likely in a new year) it is often the beginning of new speculations by major funds and traders. The fundamental backdrop for Gold             is easily researched and worthy of your time and attention before investing in NEM             . I will be watching the price closely here to see if it follows the forecast from last week.

Tim 25.06 last NEM             10:21AM EST 8/1/2014

(Note: I included a chart from a few years ago where I forecast a major decline in the price of Gold             Mining stocks , just so you can see I am not always bullish )
Subscribe to my indicator package KEY HIDDEN LEVELS $20/mo or a discount for a year and join in the trading room KEY HIDDEN LEVELS here at TradingView.com
2 years ago
Exactly! The same thing I support too. Almost all mining stocks has made a long term bottoming reversal pattern. All these are waiting Gold to finish its own reversal pattern too and move up.
+1 Reply
timwest PRO d.vezeris
2 years ago
Yes - Nice bottoms across the board. The commercials are heavily short Gold futures right now, so this last push down was (I feel) a push down by the commercials gunning their positions and stopping out the weak longs in the trader/speculator positions. Now that gold is turning up sharply too, the mining stocks have a LOT OF BLUE SKIES ABOVE THEM. NEM is going right along the path outlined on the chart. What other names in the sector do you view as leaders d.vezeris?
+1 Reply
d.vezeris timwest
2 years ago
I'm watching NEM,HMY, SBGL. For maximum volatility RBY & ANV but anyone must be very careful with these two. What's your opinion about this ?
+1 Reply
timwest PRO d.vezeris
2 years ago
I don't keep an eye on too many: ABX, GG and NEM and a tiny one ARNGF (Argonaut Gold). I am not familiar with last 2 names RBY and ANV. So, I can't provide much of an opinion.

NEM hit the first target this morning - nice little run from this chart pattern -
+1 Reply
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out