This morning most of the gold mining stocks were under pressure as the major indexes were all trading lower and the U.S. Dollar Index was stronger. However, after the second dose of POMO and a retreat in the U.S. Dollar Index the major stock indexes have all rallied sharply higher reversing earlier declines.
Newmont Mining Corp.(NYSE:NEM) is a leading gold mining stock that has started to catch a bid higher this afternoon as the markets inflates higher. Newmont Mining will have short term intra-day resistance around the $58.20 and $58.75 levels. When the U.S. Dollar Index declines or pulls back it is prudent to always watch the leading mining stocks for bounces.