Newmont mining

NEM is around the 200 weekly moving average and investors / traders might want to pay attention to this stock.

NEM, FCX, CDE - Chart Reviews

Newmont Mining Corporation , NYSE : NEM

NEM - Typical A-B-C correction wave (59.59$ - 47.34$), went below the 200 DMA. Yesterday managed to break above the pink downtrend line, close above the 200 DMA and the 61,8% Fibonacci line. RSI trending up above 50, PPO positive crossover, PPO histogram positive, ADX bullish crossover. Nice candle on relatively high volume. Support at the 200 DMA, between 50$ to 51$ and at green support line. Resistance at the 50 DMA and Fibonacci appropriate levels.











































Freeport-McMoRan Copper & Gold Inc , NYSE : FCX

FCX – Topped early at mid April , had A-B-C-D-E correction wave(71.06$ - 43.10$), went below the 200 DMA then bounced sharply to close above the pink downtrend line. Currently above the first Fibonacci line just under the 50 DMA. Resistance at 50 DMA and Fibonacci levels. Support at the 200 DMA , Fibonnaci 38.2% level and green uptrend line. Big up day on good volume, RSI looking strong trending up above 50. PPO bullish crossover , PPO Histogram positive, ADX bullish crossover.










































Coeur d'Alene Mines Corporation , NYSE : CDE

CDE- A-B-C-D-E correction wave (7.37$ - 3.93$), currently still below the 200 DMA. Break up above orange downtrend line. Support at green uptrend line, Resistance at the 200 DMA. RSI trending up but still below 50, PPO positive crossover, PPO histogram positive, ADX Improving.

Newmont mining Elliot wave count update and Gold Industry short review

Since the acquisition of Placer Dome by Barrick Gold corp. (ABX ) Newomont Mining Corp.(NEM) is no longer the biggest miner in terms of gold ounces production.
Newomont Mining Corp.(NEM) is degraded to the second position and the Enlarged Barrick Gold corp. is holding a very large hedge position. Estimated by the Q405 hedge book publication of virtual metals at 12,500,000(ABX) + 7,496,000(PDG) = 19,996,000 Gold ounce short position. Newmont Mining Corp.(NEM) still remains the highest USD trading volume stock, component of the S&P 500 Index and also included component at:
AMEX GOLD BUGS INDEX (HUI) ,PHLX GOLD AND SILVER SECTOR IND (XAU), CBOE GOLD INDEX (GOX) and Dow Jones Gold Mining Micro Sector Index (DJMSPM).



Related :


Spot Gold (XAU) & Silver (XAG) charts

HUI/XAU Ratio

commodity charts

Newmont Mining Corporation daily candle chart

I have annotated a daily candle chart of NEM with Fibonacci retracement levels and Elliot waves count. Click on the chart below to enlarge:



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Gold global perspective

Newmont Mining Corporation NYSE : NEM

Profile

Founded in 1921 and publicly traded on the NYSE since 1925, Newmont is the largest gold company in the world. Headquartered in Denver, Colorado, the company employs approximately 14,000 people, the majority of whom work at Newmont's mines sites in the United States, Australia, Peru, Indonesia, Canada, Uzbekistan, Bolivia, New Zealand and Mexico.

Newmont is also advancing two development projects in Ghana which will become the company's next core operating district and at year-end 2004, had a combined 16 million ounces of reserves.

Newmont's global land position of approximately 51,500 square miles and its world-class exploration team enables the company to explore and acquire gold properties in the world's best gold districts. Newmont is also the only S&P 500 listed stock, espouses a no gold hedging philosophy, and as of year end of 2004, reported record industry gold reserves of 92.2 million equity ounces.

With unsurpassed financial strength and flexibility, project development and operational expertise, and portfolio management and investment skills, Newmont is "The Gold Company" of choice for investors.

Newmont is also committed to high standards and leadership in the areas of environmental management, health and safety for its employees and neighboring communities.


Click on the chart below to enlarge:


I will post a daily chart of NEM soon...