Don't Ignore This Chart!

Newmont breaks flag resistance, but lags gold

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After retracing around 62% of the prior advance, Newmont Mining (NEM) broke above flag resistance with a surge over the last few days. The breakout was under threat with Wednesday’s pullback, but Thursday’s surge keeps the flag breakout in play. There is one concern. NEM remains well below its Sep-Oct highs, but gold is challenging its October highs. NEM is lagging gold.

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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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