NEM Recently Experienced a Breakout! IAG Follows...

Newmont Mining Corporation (NEM) has been one of reasons why GDX is on the rise. NEM has risen more than 20% just in February alone and it may not be done yet. In looking at a 6 month chart,
NEM broke out of its consolidation in February and already retraced back to the top level of its consolidation range. Yesterday's decline was due for another correction so it was not surprising. It gives, however, a good opportunity for new buyers to ride this stock upward. I am expecting another quick retracement back down to $49 range before moving higher and reach its high in December 2009.

Iamgold Corporation is another gold miner stock that has been performing really well. After reaching $13 support level, the buyers have been pushing this stock higher. Just like NEM, IAG also broke the consolidation range. Is IAG following similar path of NEM? If this is true, then it should retarce to $14.50 range before moving higher just like NEM. There is a potential of reaching $17-$18 soon. Meanwhile, don't lose track of IAG's support level. $13 level is critical in that if it gets broken, then this stock will decline further.