Newmont Mining - NEM - Daily - Still poised for the rally ahead
Gold and Gold stocks continue to disappoint those who want to see something go UP (other than Bonds) when there is turmoil, war and economic unrest in the world. Looking at the chart, you can see how the price of gold and lead and lag the chart of NEM by a little. The bullish pennant that NEM is forming here is being held back by the chart of gold. Each time the rally sets up (we close > the most frequent price in the sideways pattern), it then gets knocked back down to regroup.
You can see NEM is sitting right on the frequent price here at 25.11. Watch it closely. With the beginning of new months (and on new quarters and even more likely in a new year) it is often the beginning of new speculations by major funds and traders. The fundamental backdrop for Gold is easily researched and worthy of your time and attention before investing in NEM. I will be watching the price closely here to see if it follows the forecast from last week.
Tim 25.06 last NEM 10:21AM EST 8/1/2014
(Note: I included a chart from a few years ago where I forecast a major decline in the price of Gold Mining stocks, just so you can see I am not always bullish)
You can see NEM is sitting right on the frequent price here at 25.11. Watch it closely. With the beginning of new months (and on new quarters and even more likely in a new year) it is often the beginning of new speculations by major funds and traders. The fundamental backdrop for Gold is easily researched and worthy of your time and attention before investing in NEM. I will be watching the price closely here to see if it follows the forecast from last week.
Tim 25.06 last NEM 10:21AM EST 8/1/2014
(Note: I included a chart from a few years ago where I forecast a major decline in the price of Gold Mining stocks, just so you can see I am not always bullish)
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