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Thursday, 02/04/2021 11:12:33 AM

Thursday, February 04, 2021 11:12:33 AM

Post# of 45915
This Leading Gold Mining Stock Is Falling, Here’s The Trade

This morning, the leading gold mining stocks are selling off with the precious metals. The popular Vaneck Vectors Gold Trust ETF (GDX) is falling by 2.98% indicating weakness in the entire gold mining sector.

One particular golf mining stock that I follow closely is Newmont Corp (NEM). This gold mining stock has the strongest relative strength in the industry group. Today, Newmont Corp (NEM) stock is trading lower by 2.65% to $57.36 a share. The stock has been making a series of lower highs on the daily chart indicating a daily downtrend. It is also trading below it’s important 50 and 200-day moving averages. This puts the stock in a weak technical position and usually signals more selling is in the cards near term.

Note the chart here:

Nick Santiago