Chart of the Day - Friday, May 14th, 2021

Today’s Chart of the Day was shared by Doug Busch (@chartsmarter). It's a weekly candlestick chart of Newmont Corporation, $NEM, over the past two years. Newmont is the largest stock in the popular Gold Mining ETF, $GDX, which has continued to push higher and outperform in recent weeks. $NEM just notched its highest daily close since 2011, and its highest weekly close since 1987. In other words, this stock is breaking out across multiple time frames.  In a comment to The Chart Report, Doug said, "$NEM has formed a massive base over the past decade, and a smaller one within the past 10-months. Gold Mining Stocks have been showing some nice relative strength lately. They were resilient while the rest of the market pulled back this week. $NEM is particularly attractive here as long as it stays above that ~$68 level."