Newmont’s health appears somewhat more precarious than that of gold futures, since the stock is working on a bearish impulse leg of daily-chart degree created on July 28 with a low of 54.30. We’ll use a midpoint support at 55.34 as a minimum correction target from here, but if the stock closes below it for two consecutive days it would be warning of more downside to as low as 52.68.
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