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This Leading Gold Mining Stock Is Falling, Here’s The Trade

This morning, the leading gold mining stocks are selling off with the precious metals. The popular Vaneck Vectors Gold Trust ETF (GDX) is falling by 2.98% indicating weakness in the entire gold mining sector. One particular golf mining stock that I follow closely is Newmont Corp (NEM). This gold mining stock has the strongest relative strength in the industry group. Today, Newmont Corp (NEM) stock is trading lower by 2.65% to $57.36 a share. The stock has been making a series of lower highs on the daily chart indicating a daily downtrend. It is also trading below it’s important 50 and 200-day moving averages. This puts the stock in a weak technical position and usually signals more selling is in the cards near term.

Newmont Corp (NEM) should have very good chart support around the $53.00 area. This is where the stock broke out to the upside in June 2020. Often, prior breakout pivots will serve as excellent support when retested. There is also a key retrace level level around this area that should also add to the supporting factors for a bounce. Please note, Newmont Corp (NEM) is scheduled to report earnings on February 18th, 2021.

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