Newmont Stock Eyes Fresh Record Highs Amid Bullish Gold Market

Newmont Corporation (NYSE: NEM) is primed to break through fresh record highs, according to an Elliott Wave analysis. By mid-2025, the gold mining giant has exhibited a constructive technical structure suggesting further upside despite broader market volatility.

The analysis, based on wave counting principles, indicates that after completing a corrective phase, NEM began a new upward cycle with targets set above its previous peak of $78.46 (set in April 2022). Key levels to watch include immediate resistance near $70 and the psychological $75 mark. A decisive close above $75 would confirm the bullish outlook and open the door for a retest of the record high.

Newmont's technical strength is underpinned by a favorable gold price environment, with gold prices trading above $2,300 per ounce as of June 2025. This environment is driven by central bank buying, geopolitical tensions, and expectations of Fed rate cuts. Higher gold prices directly boost Newmont's revenue and cash flow, making the stock an attractive play on the precious metal.