TradeStation
Short

Gold Giant Teeters as S&P 500 Keeps Running

NYSE:NEM   NEWMONT CORPORATION
Gold and gold miners like Newmont rallied over the summer when interest rates crashed. But they’ve staggered since early September and now NEM is showing some potentially bearish signals.

First, NEM wasn’t able to get back above its old highs from early 2018. Second, it’s been consolidating below both its 50- and 100-day simple moving averages. Third, it had a spinning stop candlestick back on Wednesday at those same moving averages. This may keep traders looking for a drop as long as NEM remains below the weekly high of $38.75.

The other potential problem for gold miners is the continued rally in the S&P 500 , which is staying above 3,100 today. Any further good news about Chinese trade or the economy could drive more risk appetite, and potentially hurt demand for safe-havens like NEM .
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out