IvanLabrie
Short

NEM: Shorting the top

NYSE:NEM   NEWMONT MINING CORP
Let's see if we catch this top here. Looking for a retest of the KEL             below.
Stop loss at 41.39, and risking a small amount (0.5-1%) is fine.
Gold futures             and spot look ready to move down and NEM             is extremely overbought here.
You can also take a pair trade against GLD             , other miners, etc. I'll share a few example setups in the comments.

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Cheers!

Ivan Labrie

Link to Tim West's chatroom: https://www.tradingview.com/chat/#c8BzrhGRvXxGXWnJ
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.


Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance             on such information.
Comment:
snapshot

Check out how GLD often leads NEM. The spread was getting too big here, and NEM had an 'engulfing candle' which didn't have any follow through as well...
Comment: Excellent progress.
Trade closed manually: It seems like gold could rally for new highs, specially if the market crashes (it seems that is possible)
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