On a horrendous day in the markets NEM managed to stay in the green yesterday, such strength can't be ignored as there was a rush for anythings linked to gold. They only issue is that the market is so unpredictable that if you're not in it now, a change in market sentiment could really hurt the miners.
It going long stop losses need to be tight or possible wait...
This video is about XAUUSD physical gold price and some gold stocks! Physical gold looks like it will go up another 12 percent but the stocks look like A 30-40% move is on its way!
NEM is now on its 5th-6th up day, making it overextended and overbought. It was breached the top layer of the bollinger band and is at about 98 out of 100 on the stochastics chart. These all combined lead me to believe we will see a retracement for the next several days in NEM until its moving averages catch up around the 32.85 to 33.30 mark for a short play...
NEM seems to have touched bottom area of 29.12 to 29.93 for potential BUY. This is also to earlier support from Sept 2018 / Oct 2018. Take profits at 33.17 to 34.34.
The idea used here is Volume Profile (Flexible) and Point of Control. NEM is was selected via a proprietary scanner tool separately.
Newmont Goldcorp Corp, formerly Newmont Mining Corp, is a mining company, which is focused on the production of and exploration for gold, copper, silver, zinc and lead. It is primarily a gold producer with operations and/or assets in the United States, Australia, Peru, Ghana and Suriname. The Company's segments include North America, South America, Asia Pacific and Africa. Its North America segment consists primarily of Carlin, Phoenix, Twin Creeks and Long Canyon in the state of Nevada, and Cripple Creek &Victor (CC&V) in the state of Colorado, in the United States. Its South America segment consists primarily of Yanacocha in Peru and Merian in Suriname. Its Asia Pacific segment consists primarily of Boddington, Tanami and Kalgoorlie in Australia. The Company's Africa segment consists primarily of Ahafo and Akyem in Ghana. As of December 31, 2016, it had gold reserves of 68.5 million ounces and an aggregate land position of approximately 23,000 square miles (59,000 square kilometers).
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NEM
