Bruce,
NEM fell 4% last night but not as bad as many other US gold stocks I track ... they fell (5%-9%). NEM has next long term support at between US$30-$31 ($30.50). This will be the line in the sand that makes or breaks this trade. I personally think it was oversold today and will bounce next week. I am still looking for AU$5.05 to break and hold for a few days, although a contrarian investor might be tempted to pick a low around US$31 and buy in then ;)
The price of gold fell some $5 in the US last night. This might cause a sell off in shares today but gold is still good technically and in an uptrend. It's 200 day MA is the key here and if it breaks $340 for a few days I say gold is going much lower but IMO it won't crack the 200 DMA. By Friday gold will have recovered to levels we were at yesterday, huge call but I stick by it.
And by the way gold will not hit $300 for years, many years that is!
http://stockcharts.com/def/servlet/SC.web?c=$gold,uu[w,a]dallynay[df][pb50!b200!f][iUp89,21,55]&pref=G
newmont about to break out?, page-5
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Last
$65.00 |
Change
0.310(0.48%) |
Mkt cap ! $9.053B | |||
| Open | High | Low | Value | Volume |
| $64.72 | $65.00 | $64.50 | $15.21M | 234.7K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 83 | $64.97 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $65.00 | 2312 | 10 |
View Market Depth
| Last trade - 16.10pm 05/07/2024 (20 minute delay) ? |
| NEM (ASX) Chart |