Is Newmont mining telling us that gold is about to correct more or is this isolated to the miners?
This leading gold miner could be signaling headwinds for miners.
We have seen Gold outperform miners which tells us that this move in gold is likely from the banking crisis...fear.
NEM has broken above the wedge pattern, indicating bullish intentions. The current price action looks promising and we could see a short-term demand. However, for this scenario to play out, it's essential to avoid a new lower low (LL).
$NEM has broken upwards from the 200dma after a successful long trade
Next swing high at $54.89 will likely be tested, lots of room to move above that.
Newmont is flirting quite heavily with our alternative scenario, moving closer and closer to the support at $37.45. By now, it is touching the upper edge of the yellow zone between $42.50 and $23.41, on the verge of slumping deeper. There is a 40% chance that the course might do so, dropping below the support at $37.45 to develop wave alt.(2) in yellow earlier...
Idea:
Down breakdown cancellation after the financial report
Buy: 48.12
SL: 45.12
Technical:
Change of local trend. Long fall before. Possible global trend change
Financial:
- Pro: Low debt to eq.
- Pro: Gross margin > 15
- Con: RoE is falling
Gold Miners have suffered, and this one has now capitulated in my opinion.
Yielding 5.6%+ and near a hefty demand level between 38-35, I'd expect a new uptrend in this one sooner rather than later.
(See pink circles in the longterm squeeze indicator chart, extremely eversold - second most since 1985)
NEM support level @ fibonacci level
61% held.
this is a bullish signal.
GOLD will rise in 2023, i mean the USD will
continue to depreciate. expect NEM
to bounce higher. sellers have been exhausted.
The PEAD projected a Bullish outlook for $NEM after a Positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 83.33%.
It the right time to ride this long wave of #NEM after the major drop and finishing the accumulation phase. I always use S1&S2 to help me identify the key levels and get some free signals, but this time I used naked chart with market structure only.
NEM follows the sine wave very well. Has tested support and currently Bollinger bands squeeze. When BB squeeze, you have a very hefty upthrust. About a 50% run into late January.
1. Trend is down over year and half
2. TTM Squeeze that usually bounces off opposite wall before reversing
3. Hitting resistance trendline repeatedly
4. Under 200ema
I could see this ultimately hitting 200ema, which I would dump everything into going short, but this spot is good for a short as well. Always keep more dry powder and don't blow your load in one go!
Prior area of congestion at 46.65 when cleared should give a good low volume rocket thrust up to the 50.84 area. If you didn't get this at the bottom you missed a good bargain.
NEWMONT has TD Reinforcement in daily chart and also TD Buy Setup in weekly chart with bullish divergence signal. The best strategy is not only buy or long NEM but you are also able to short put option for playing with time decay. I recommend to apply the strategy before earing period to take an advantage of imply volatility. However, don't forget to limit your...
Newmont gold miner, after more than doubled from a 2016 Cup & Handle formation, came back down to retest the neckline at around 40. As you can see in the chart, it reached the top of the 2009 channel near 85 on
April 2022 & went vertically down to retest the channel base near 40, with the usual chopping near the mid channel dotted blue line.
Very bullish cases:...
"Financed Spread" idea.
1/20/23 Expiration.
SELL $50 Call.
BUY $45 Call.
--{Current Share Price: $42}--
SELL $40 Put.
The credit will be around $166 and the collateral will be $4,000.
The max gain of $666 hits at a share price of $50 (19% price gain from current (10/1) price).
