Newmont Corporation (NYSE: NEM) shares are climbing Friday, riding a wave of record gold prices and a fresh board appointment that has investors feeling good about the gold miner. The broader market is also in a risk-on mood, with Nasdaq futures up 0.76% and S&P 500 futures gaining 0.46%.

Record Gold Prices Support Newmont

Spot gold is trading above $4,500 an ounce and is on track for a third consecutive weekly gain, according to Trading Economics. Investors are piling into safe-haven assets as currency and bond markets get choppy, and higher oil prices are stoking inflation worries, which tends to be good for gold.

Gold jumped more than 4% on Wednesday after the U.S. Treasury Department said it plans to double its long-term debt buybacks. The metal has held onto most of those gains even as Treasury yields reversed course. Central bank buying, especially from China, along with strong investment demand, is adding more fuel to the fire.

For miners like Newmont, higher bullion prices are a direct tailwind. When gold prices rise, the value of what they produce goes up, which can boost margins and cash flow.

Newmont Adds Former BHP CFO to Board

On Thursday, Newmont announced that Peter Beaven will join its board of directors, effective September 1. Beaven, who is expected to sit on the Audit Committee, brings a wealth of experience from both finance and the mining sector. He served as group chief financial officer of BHP Group Limited (NYSE: BHP) from 2015 to 2021 and previously chaired the International Copper Association.

Critical Levels to Watch for NEM Stock

From a technical standpoint, Newmont is looking strong but a bit extended. The stock is trading 22.7% above its 20-day simple moving average (SMA) of $107.40 and 24.2% above its 200-day SMA of $106.11. That tells you the trend is powerful, but it also means the stock is stretched, which can increase the odds of sharper pullbacks even if the bigger trend remains intact.

The relative strength index (RSI) is at 73.84, which is in overbought territory. That suggests the recent run has been so fast that buyers might get more selective at these levels.

The moving average picture is a bit mixed underneath. The 20-day SMA is above the 50-day SMA, which is bullish, but the 50-day SMA is still below the 200-day SMA after a death cross in July. That combination often shows up in early-to-mid trend transitions, where the short-term trend is strong but longer-term investors want to see the 50-day reclaim the 200-day to fully confirm the trend shift.

Here are the key levels to watch:

• Key Resistance: $132 — a nearby round-number area just above the current price where breakouts can stall.
• Key Support: $107 — a prior pivot zone that sits close to the 20-day SMA area, making it a key “line in the sand” on a deeper pullback.

NEM Stock Price Activity: Newmont shares were up 3.08% at $131.57 during premarket trading on Friday, according to market data.