Shares of NCM are down over 2% in early trade as Spot Gold prices traded 1% lower to $1317.00 in the NY session.
Selling in Spot Gold was triggered by comments from new FED chief Jerome Powell who said that the US central bank could lift rates up to 4 time during 2018.
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We added NCM to our model portfolio on December 13th at $22.10.
Technical indicators suggest solid support levels in the $20.80/90 area.
We estimate that price in NCM will correspond to Spot Gold near $1300.00 per ounce and will look to enter long positions near $20.80.
Newcrest Mining
