NEWMONT Mining Showing weaknessIs Newmont mining telling us that gold is about to correct more or is this isolated to the miners?
This leading gold miner could be signaling headwinds for miners.
We have seen Gold outperform miners which tells us that this move in gold is likely from the banking crisis...fear.
NEM
Does XAU/USD CFD outperform an ETF or gold miner NEM?Do you feel like giving up on the stock market temporarily? Many people are piling into money markets where last I heard. It was over $5 trillion. The other option is to look at gold via a CFD or a gold miner like Newmont. Usually, the miner may underperform, but in this case, it's outperforming. It still might be safer to get outperformance with an ETF like GLD.
Trade Idea: GDXTrue Bull markets in Gold are led by the miners, as spec money bids the sector and industry higher.
We know that Gold has outperformed and had magnificent strength to the upside however its counterparty GDX has lagged.
Seeing relative strength in Gold & relative weakness really emphasizes what were going through... a Liquidity crisis.
Gold is moving on fear and miners are lagging.
If gold softens up just a bit GDX will see a greater move to the downside.
XEMUSDT - NEM - LONG & SHORT TradeXEMUSDT - NEM
SHORT - after crazy pump into the Fib 0.382 Retracement and
fall back under the key level while taking liquidity from the previous double top.
LONG - after a massive fall right into the intersection
between the middle of the downsloping channel and the new rising channel exactly at Fib 0.886 Retracement.
TP1 & TP2 secured letting rest ride.
XEMUSDT - SHORT and LONG setup.XEMUSDT - NEM
SHORT - after crazy pump into the Fib 0.382 Retracement and
fall back under the key level while taking liquidity from the previous double top.
LONG after a massive fall right into the intersection
between the middle of the downsloping channel and the new rising channel exactly at Fib 0.886 Retracement.
TP1 & TP2 secured letting rest ride.
XEMUSDT(NEM) Daily tf Range Updated till 28-02-23XEMUSDT(NEM) Daily timeframe range. its a pretty simple and clean chart. #0.0662 current resistance clearing out open a clear space till #0.0875. failing will lead it to #0.0474 or below.
Xem Building Up For Massive Breakout Seems Like Xem Has Already Bottomed Out
Formed Descending Channel In daily Timeframe InCase Of Breakout Expecting 90 -100% Bullish Move
Newmont Mining - The Long Play Going ForwardGold Miners have suffered, and this one has now capitulated in my opinion.
Yielding 5.6%+ and near a hefty demand level between 38-35, I'd expect a new uptrend in this one sooner rather than later.
(See pink circles in the longterm squeeze indicator chart, extremely eversold - second most since 1985)
Short Newmont Mining $NEM1. Trend is down over year and half
2. TTM Squeeze that usually bounces off opposite wall before reversing
3. Hitting resistance trendline repeatedly
4. Under 200ema
I could see this ultimately hitting 200ema, which I would dump everything into going short, but this spot is good for a short as well. Always keep more dry powder and don't blow your load in one go!
finally the attractive 3rd wave?crab harmonic pattern:
X=$0.276
AB=0.61 XA
BC=0.38 AB
1.6 BC=$0.047
0.78 XA=$0.056
2 BC=$0.093
0.88 XA=$0.118
2.24 BC=$0.142
2.6 BC=$0.277
1.13 XA=$0.729
3.6 BC=$1.61
1.27 XA=$2.1
4.23 BC=$4.79
1.41 XA=$5.89
1.6 XA=$27.85
Butterfly, triangle, flagbutterfly harmonic pattern:
AB=0.78 XA
BC=0.88 AB=$0.034
tp1=0.78 BC=$0.47 or 0.88 BC=$0.65
tp2=0.88 BC$1.29
tp3=1.6 BC=1.27 XA=$7.5
tp4=1.6 XA=$34
tp5=2.24 BC=$53
Wyckoff accumulationXEM is accumulating on the 0.88 Fibo level of the last ascending wave at $0.034.
$XEM $NEM looks good$XEM currently is in a good accumulation range ~ $0.04 with a great profit potential.
Further downside is still possible but regardless it a great price to pick up some cheap $NEM.
Not financial advice.
Good luck!
Newmont breaking out of the box and going lowerThe Bollinger Bands contracting inside the Keltner channel predicts an explosive move ahead that will last at least 8 days. Combine that with Newmont's Price Action creating a box which looks like it's breaking through. I would not be surprised if there was a retrace to the top of the box later today if action is aggressive, or Monday morning - then it's Sayonara Sucka.
I've already detailed all the reasons why in my gold/dxy threads why miners will experience more pain ahead. I'm selling OTM calls and buying ITM puts with the credit here. If it goes up, it's a squash - if it goes down, excellent revenue to average in at a lower price until miners turn around.
NEM BUY+++++ way oversoldStill no change in view, NEM went lower than expected but appears to still have long term support in place and resistance around $53 range. We should see a retracement back to $63.68 .5 fibonacci range in coming weeks/ months. Copper and Gold miners are way oversold and been taken out to the woodshed with an artificially inflated dollar on the backs of $33 trillion national debt and trillions in funny money printing which will ultimately be the dollars demise. I have October 21st $52.50 calls. GL
NEM BUY+++++++ on verge of breaking out!NEM and other gold miners have been decimated in recent months due to a collapse in commodities. NEM appears to have bottomed, based and consolidating. I would expect a move to $60-65 in coming weeks. NEM is highly oversold on daily and weekly charts and Copper/ GOLD seems to have bottomed in $1665 range recently. Purchased a total of 500 $52.50 NEM October 21st calls.