NEM Breaks Resistance, Eyes $98 Target Zone
$Newmont Mining(NEM)$
Newmont Corporation (NEM) Surged +5.72%: Gold Mining Giant Breaks Resistance, $98 Target Zone Activated
Latest Close Data
NEM closed at $94.09 (EST Dec 10), up +5.72% (+$5.09), trading within 4.5% of its 52-week high of $98.58.
After-hours trading extended gains to $93.33, signaling continued bullish momentum.
Core Market Drivers
Gold prices strengthened amid inflation hedging demand and geopolitical tensions.
NEM's robust capital inflows of $256M vs $240M outflows demonstrate institutional confidence.
Strong ROE of 22.88% and ROA of 10.55% underscore operational excellence in current commodity cycle.
Technical Analysis
Volume surged 11% above average (8.82M shares) with positive momentum indicators.
RSI(6) spiked to 71.23, entering overbought territory but confirming strong bullish sentiment.
MACD shows expanding positive divergence at 1.61 DIF vs 1.26 DEA, with histogram widening to 0.708, indicating accelerating upward momentum.
Key Price Levels
Primary Support: $89.53 (today's low)
Strong Resistance: $94.22 (today's high) / $98.58 (52-week high)
Immediate Pivot: $92.00 (psychological level)
Valuation Perspective
Trading at P/E 14.63x vs mining sector average ~16x, offering relative value. P/S ratio of 4.78x reflects premium positioning among gold producers.
Forward P/E of 14.05x suggests sustainable earnings growth trajectory.
Analyst Targets
20 analysts coverage: 6 Strong Buy, 14 Buy, 3 Hold ratings.
Average target price $106.86 (13.5% upside potential), ranging $64.32-$133.00, indicating broad bullish consensus on long-term prospects.
Weekly Outlook
Expect consolidation between $92-96 range before next breakout attempt.
Break above $98.58 targets $105-108 zone. Volume expansion and MACD momentum support continued uptrend through year-end.
Risk Disclaimer
This analysis is for informational purposes only and not investment advice. Past performance doesn't guarantee future results. Consider your risk tolerance before trading.
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