Technical analysts see NEM targeting $131-$135 if it sustains a move above $118-$120 resistance levels.
Newmont (NEM) closed at $112.98 Friday, surging over 20% on the weekly candle after rebounding from a descending channel’s lower boundary. The stock’s technical setup suggests a potential bull flag pattern, though it has yet to break out above key resistance near $118-$120.
If NEM clears this range, analysts project initial targets of $124-$126, with a longer-term challenge of its all-time high zone between $131 and $135. The stock has been constrained by this descending channel since its early-2026 peak.
Fundamentals support the bullish outlook, with Newmont generating strong cash flow from elevated gold prices and maintaining 2026 production guidance. However, rising costs and operational disruptions at Cadia could pressure margins into Q3.