A Long Look in the Mirror for This Gold Miner

On Wednesday morning before the bell, Newmont Mining Corporation is expected to report earnings. NEM is a top two holding by weight in the GDX, ETF for senior gold miners.

When we look at a muti-decade chart of NEM, we can see the $27 level, dating back to the late-1980s(!) continues to assert itself as resistance, and has since March 2014, most recently. Price has memory, it is often said in technical analysis, and Newmont is a good example of that. 

These types of long-term technical issues need to be resolved by gold bugs within short order if they have any hope of salvaging the plunge in metals and miners.

Until then, the same thesis applies that the complex may be good for carefully-managed snapback rally trades and select shorting...but not much more. 

As for the market at-large, I will cover that in my usual Midday Video for Members of Market Chess Subscription Services, filming now.