As seasoned traders, at VerifiedInvesting.com, we constantly keep an eye on the setups in the precious metals market. One particular setup that has captured our attention is Newmont Corporation . In this article, we will delve into the NEM chart and analyze why its current level appears to be primed for a significant bounce.When examining NEM on the daily time frame, one can't miss the yellow downwards sloping line, which holds considerable significance.
Since then, the line has transformed into strong support, successfully bouncing off three times whenever tested.Considering the most recent test and subsequent bounce in May of this year, NEM experienced a rally of over 11%. However, following the high point in the local trend, it has retraced and is currently heading back towards the support level, which lies just above $38.