Today, all of the gold and gold mining stocks are declining sharply lower on the session. It seems that gold and gold miners are falling in line with the major stock indexes. Very often, gold and gold miners will trade right with the major stock indexes contrary to popular belief that they are always the safety trade when stocks fall.
One of the leading gold mining stocks in the market that is coming under pressure today is Newmont Mining Corp (NEM). This gold mining giant peaked on August 5th, 2020 at $72.22 a share. Today Newmont Mining stock is declining lower by 2.41% to $63.17 a share. The stock is now trading below its 50 and 100-day moving averages. This puts the stock in a weak technical position on the charts in the near term. The next key support level for Newmont Mining stock looks to be around the $57.00 area. This level is a key retrace area which should serve as support. There is also a gap fill support area from June 19th, 2020 on the daily chart. This should serve as a very solid support level for the stock. I will be looking to own Newmont Mining stock around this key chart support level.
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