Why Is Newmont Stock Surging on Friday?

Newmont Corporation (NYSE: NEM ) stock is trading more than 2% higher on Friday, buoyed by a rally in gold prices. The broader market also gained, with the S&P 500 up 0.50%, the Nasdaq rising 0.35% and the Materials sector advancing 0.51%. Gold Prices Rebound Gold prices climbed more than 1% to a one-week high near $4,180 an ounce on Friday, supported by a softer dollar and easing oil prices, according to Trading Economics. However, expectations of further Federal Reserve interest rate hikes limited gains. Traders priced in more than an 80% chance of at least one 25-basis-point rate hike by December, compared with less than 20% in October. Higher interest rates typically weigh on gold because the metal does not pay interest. Newmont Technical Analysis Newmont remains in a longer-term uptrend, trading 7.7% above its 100-day simple moving average (SMA) and 5.5% above its 200-day SMA. However, the stock trades 1.3% below its 20-day SMA and 1.8% below its 50-day SMA, indicating near-term weakness. Its relative strength index (RSI) stands at 49.05, suggesting neutral momentum. Traders are watching resistance at $128 and support near $104. A September golden cross, when the 50-day SMA mo