Newmont Mining (NEM)

Newmont mining is a gold stock and the gold stocks on many occasions lead the gold futures and spot price higher or lower.  Newmont closed at 61.68 up a dime on the day.  Price gapped open and then spent the rest of the day tracking downward to try to close that opening gap.  Price has gone through the entry price for the next leg higher with the first price objective at 67.83.  There is upside pressure being applied to price on the daily chart, but the lower timeframes have downside pressure being applied.  I would be careful entering here as there is currently divergence at the highs which indicates that price might try to close the upside gap.  In order to start a move down price would have to go through 59.97 and then the first price objective would be 56.55.  These levels  are not shown on the chart.