The positive price development announced in the chart check of August 4th was quickly and extensively realized by the gold producer Newmont (WKN 853823). The previous all-time high from 2022 was missed by less than 2 US dollars yesterday. The stock price was only similarly high in 1987.
How will the Newmont share price develop from here? What does the chart technology say?
The five-year chart impressively shows the extremely steep rise since the beginning of the year. The share price has moved away from the average lines as far as it has not in the entire period shown. Likewise, the 100-day line is currently at a distance from the 200-day line, which has already triggered a correction twice before.
The Chaikin Money Flow, which continues to run in the green and thus indicates an inflow of capital into the stock – most recently even with an increasing tendency again – stands for the continuing strength of the upward movement. The Money Flow Index (the sales-weighted relative strength RSI) has reached the zone above 70 for the third time – from here, this indicator can increasingly be regarded as overbought. With the Overbought/Oversold indicator, the low points have been rising since the beginning of the year – values that are considered overbought (from 2.0) have only been reached twice this year. Otherwise, the indicator is still below the value of 1.4 – the upper limit that has almost always been adhered to for three years.
The price signal is therefore possibly about to switch to yellow.
