Gold Mining Leaders Barrick, Newmont Sink Deeper As Death Cross Looms

Zinger Key Points

Barrick Gold and Newmont hit a Death Cross, signaling bearish momentum as miners struggle amid weak gold prices.
Strong U.S. dollar and rising yields overshadow safe-haven demand, pressuring GOLD and NEM stocks further.
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The glitter of gold is losing its luster for two mining giants, Barrick Gold Corp GOLD and Newmont Corp NEM, as both stocks have hit a technical Death Cross—a bearish signal when the 50-day moving average falls below the 200-day moving average.

For those betting on these miners to sparkle, the charts suggest the treasure hunt may be on pause.

Barrick Gold Stock: Treading Below The Glitter Line

Chart created using Benzinga Pro

Barrick Gold’s stock is down 11.97% year-to-date, with its recent performance offering little reason to cheer. The stock sits at $15.65, below its 20-day ($16.53) and 50-day ($17.86) simple moving averages.

While its relative strength index at 34.24 suggests it's approaching oversold territory, the MACD indicator, at a negative 0.61 confirms the bearish sentiment.

Adding a flicker of hope, GOLD’s eight-day SMA ($15.64) provides a faint bullish signal as the stock barely clings to this short-term moving average.

But let's not get ahead of ourselves—geopolitical tensions and rising U.S. Treasury yields continue to cast a shadow over gold prices.

Newmont Corp Stock: Gold's Gloomy Cousin

Chart created using Benzinga Pro

Newmont, down 6.89% year-to-date, isn't faring any better. Its share price of $38.09 sits below its 20-day ($40.24), 50-day ($44.27), and 200-day ($44.86) SMAs—a trifecta of bearish indicators.

The MACD reading of a negative 1.65 and an RSI of 32.28 suggest further downside is likely, with selling pressure mounting.

Even safe-haven demand for gold amid geopolitical tensions hasn't managed to prop up these miners. Rising U.S. dollar strength and Treasury yields have dampened gold's appeal, turning a potential golden opportunity into fool's gold for investors.

Outlook: Mining For Better Days?

With gold prices stuck between geopolitical jitters and the gravitational pull of stronger U.S. economic data, Barrick and Newmont's Death Cross signals are a clear warning for investors.

Until the macroeconomic winds shift or gold prices break resistance, these mining heavyweights may find themselves digging deeper into bearish territory.

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