Insights 
VT 
Newmont Mining Corporation (NEM) is a prominent global gold producer, operating across various continents including North and South America, Africa, Australia, and Asia. Recent Elliott Wave analysis indicates strong bullish momentum for its stocks.
The monthly Elliott Wave chart for Newmont showcases a robust bullish wave, suggesting a breakout to a new all-time high. From a historical low of $12.75 in 2000, it achieved wave (I) at $62.72 before retracting to $15.39. Currently, wave (III) is progressing with wave I peaking at $86.37 and wave II pulling back to $29.42. The rally is expected to continue if the price remains above $15.39.
Wave Progression
On the daily chart, Newmont’s wave II correction ended at $29.03, paving the way for an upward wave III. The initial surge of wave (1) reached $58.72, after which wave (2) dipped to $36.86. Maintaining support above $29.03, the stock is poised for continued upward movement in wave III.
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We see a powerful bullish trend forming in Newmont Mining (NEM), with technical analysis indicating the stock is preparing for a breakout to new all-time highs. This move is supported by broader economic conditions, as the latest inflation data released by the Bureau of Labor Statistics showed a higher-than-expected print of 3.9%. This persistent inflation is driving capital into hard assets like gold.
For the coming weeks, we should consider positioning for this upward momentum using call options. The key level to watch is the support at $29.03; as long as the stock remains above this price, the bullish outlook is intact. We can look at expirations in December 2025 or January 2026 to give the trade enough time to develop.
Favorable Environment
The environment for gold is becoming increasingly favorable, which directly benefits a major producer like Newmont. Spot gold has recently been trading firmly above $2,200 an ounce, a level not seen since early 2024, as the US Dollar Index has softened following the Federal Reserve’s recent dovish statements on monetary policy. This macro backdrop strengthens the case for a significant rally in mining stocks.
A defined-risk strategy like a bull call spread could be an effective way to participate while managing the cost of entry. We can use the recent low of $36.86 as a reference point for structuring these trades, as the analysis suggests this level should hold. The technical patterns suggest we are in the early stages of a major third-wave advance, which are often the most powerful.
Looking back, we saw a similar setup between 2018 and 2020 when concerns over trade and economic growth pushed gold higher, leading to a major rally in NEM’s stock. The current nested impulse formation appears even more constructive than what we saw back then. The technical roadmap suggests that as long as the price stays above the long-term floor of $15.39, the larger trend is strongly upward.
