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 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 .