Shares of Newcrest Mining Ltd (ASX: NCM) are rangebound today and trade less than 1% in the red.
At the time of writing, the gold miner is fetching $19.23, following an 18% slip into the red over the past month of trade.
Meanwhile, the price of gold is still bottom-heavy at US$1,722 per ounce.
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What's in store for Newcrest shares?
The gold price has been a challenge for Newcrest in CY2022. It has tumbled from previous highs and now trades at key long-term support levels, as seen below.
Newcrest shares and the gold price tend to track each other closely. Gold has been drifting lower as the opportunity cost of holding the yellow metal increases amid rising yields. Recall, gold pays no interest.
Newcrest released its operational update and exploration overview for the June quarter. The company reported sound results, with gold production in line with forecasts, and copper production slightly lower than guidance.
It also reported higher injury rates than the prior period at its Cadia, Telfer and Red Chris operations.
Investors can expect FY23 full-year guidance in Newcrest's annual report due for presentation on 19 August.
It did note, however, that it is progressing its "exciting pipeline of organic growth projects," and remains "focused on superior operational performance".
Meanwhile, 47% of brokers presently advocate buying Newcrest shares, while the remaining 53% are advising to hold, according to Refinitiv Eikon data.
The consensus price target from this list is $25.62, suggesting there could be more upside yet for the miner if this group is correct.
In the last 12 months, Newcrest shares have slipped more than 26% into the red.
