The chart at Newmont Mining looks even scarier: The brutal downward trend in the daily chart since the high for the year in April is intact. The stabilization of the gold price was only enough for a sideways consolidation in the past three weeks.
The increased costs of the mining companies continue to weigh heavily on investor sentiment. The consolidation of the past three weeks at Newmont should be interpreted as a bearish consolidation. As long as the buyers do not manage to close the day above USD 50, another wave of selling in the USD 39-40 range is preferred for the coming weeks.