Newmont Corporation (NEM) surged higher in recent intraday trading, successfully breaking above its 50-day Simple Moving Average (SMA), eliminating a key source of downside pressure and gaining fresh bullish momentum. The rally also enabled the stock to break above the upper boundary of a short-term descending price channel that had previously contained its price action, signaling an improvement in the technical outlook. This breakout was further supported by fresh bullish signals from the momentum indicators, paving the way for additional gains in the near term.

Therefore, our outlook remains bullish for the stock's upcoming trading sessions, as long as support at $98.50 remains intact. Under this scenario, the stock is expected to target its first resistance level at $112.00.

Today's price forecast: Bullish.