The miners have been outperforming the gold bullion for a few weeks now. They really started to move in the last few days. Newmont Mining (NEM) is one of those.
The gold mining stocks started to rally in December of last year as well. Not many have an SCTR above 75, but this one has jumped 40% in a few days.
This could end up being a meaningful run as some of these surges have handed out 40% returns.
Good trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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