Newmont Mining (NEM) - one of the gold mining majors turned bullish in mid-January. Just recently, as the rest of the gold complex sold off hard, NEM lost as much as 20% from its peak in late February. But, it seems that now support was found for NEM in the $21.50 area and a rebound is underway.
We went ahead and opened a small position in NEM today to play this potential rebound in gold and gold miners. Note, that overall both gold and gold miners (GDX) are still long-term bearish and I view this rebound as a bear-market rally. Chart of Newmont Mining (NEM) here and here
We went ahead and opened a small position in NEM today to play this potential rebound in gold and gold miners. Note, that overall both gold and gold miners (GDX) are still long-term bearish and I view this rebound as a bear-market rally. Chart of Newmont Mining (NEM) here and here
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