Newmont Corporation (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 moved above the 200-day SMA, supports the longer-term bullish trend.

Earnings And Analyst Outlook

Newmont will report third-quarter earnings on Oct. 22. Analysts expect earnings of about $2.09 per share on revenue of $6.27 billion, compared with $1.71 per share and $5.52 billion a year earlier.

The stock carries a Strong Buy consensus rating, with an average price forecast of $141.80.

MarketDash Edge rankings show strong Momentum (84.14), Quality (80.77) and Growth (83.70) scores, while Value stands at 66.34.

Newmont Price Action

Newmont shares gained 2.26% to $117.72 at the time of publication Friday, according to market data.