Rebound In Gold Prices – How’s Newmont Stock Performing?

Newmont Corp stock (NYSE: NEM) has increased over 7% in the last one month and has outperformed the S&P 500 which was up 3%. If you look at the change over the last one week and last ten days, the stock is up 1% and 5%, moving in line with the market on both the occasions. The rise in NEM stock over the last one month was driven by strengthening of gold prices. Global gold price per ounce has gone up from $1,750 to over $1,790, up more than 2% in one month. The increase in price was mainly as a result of weakness in the dollar index. Gold traders are also awaiting U.S third quarter GDP numbers due this week. A weak reading is likely to weigh on the dollar further, thus providing strength to precious metals.

Now, is NEM stock set to rise further or could we expect some correction? We believe that there is a 48% chance of a rise in NEM stock over the next month (21 trading days) based on our machine learning analysis of trends in the stock price over the last ten years. See our analysis on NEM Stock Chance of Rise. For additional details about how NEM stands in comparison to its peers, see Newmont vs Southern Copper.

Twenty-One Day: NEM 7.1%, vs. S&P500 3%; Outperformed market

(22% likelihood event; 48% probability of rise over next 21 days)

• NEM stock increased 7.1% the last twenty-one trading days (one month), compared to a broader market (S&P500) rise of 3%
• A change of 7.1% or more over twenty-one trading days is a 22% likelihood event, which has occurred 548 times out of 2516 in the last ten years
• Of these 548 instances, the stock has seen a positive movement over the next twenty-one trading days on 262 occasions
• This points to a 48% probability for the stock rising over the next twenty-one trading days

Ten Day: NEM 5.3%, vs. S&P500 5.2%; Return similar to market

(21% likelihood event; 49% probability of rise over next 10 days)

• NEM stock increased 5.3% over the last ten trading days (two weeks), compared to a broader market (S&P500) rise of 5.2%
• A change of 5.3% or more over ten trading days is a 21% likelihood event, which has occurred 528 times out of 2516 in the last ten years
• Of these 528 instances, the stock has seen a positive movement over the next ten trading days on 257 occasions
• This points to a 49% probability for the stock rising over the next ten trading days

Five Day: NEM 1.2%, vs. S&P500 1.2%; Return similar to market

(41% likelihood event; 47% probability of rise over next five days)

• NEM stock increased 1.2% over a five-day trading period ending 10/26/2021, similar to the broader market (S&P500) rise of 1.2%
• A change of 1.2% or more over five trading days (one week) is a 41% likelihood event, which has occurred 1033 times out of 2516 in the last ten years
• Of these 1033 instances, the stock has seen a positive movement over the next five trading days on 484 occasions
• This points to a 47% probability for the stock rising over the next five trading days

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