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Today's chart illustrates a double bottom pattern similar to the one that we identified on the chart of Yahoo! last Wednesday. As you can see from the chart below, NEM is in an interesting position because it broke above $50 today - a level that has acted as a strong area of resistance over the past two years. Once we see a solid close above the $50 level, we'd expect it to become a very strong area of support when the bears try to push the price lower. It will be interesting in the weeks ahead to see how the recent appreciation in the price of gold will affect the share price of NEM, one of the world's largest gold producers, and whether the bulls will be able to keep the price above the $50 mark.


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