Buying pressure lifts Barrick Gold higher in today trading

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Barrick Gold rises 2.09% today

Highlights

Barrick Gold secured a ten-year extension for its Loulo-Gounkoto mining complex in Mali after resolving a dispute and receiving a renewed mining license.
The agreement ends Barrick's World Bank arbitration case, which arose after Mali's 2023 mining law increased taxes and state participation, with Loulo-Gounkoto generating nearly $900 million in 2024.
ABX trades at $64.97, below the MA-20 ($65.94) and above MA-50 ($63.79), with strong probability (>80%) of remaining rangebound near current levels over the next week.

Malian dispute resolution drives deal flows despite JV partner tensions

Barrick Gold has resolved a significant dispute with the government of Mali, securing a ten-year extension for its Loulo-Gounkoto mining complex after receiving a renewed mining license from the Malian military authorities. The agreement includes the withdrawal of Barrick's arbitration case before the World Bank, originally triggered by changes in Mali's 2023 mining law that increased taxes and state participation. The Loulo-Gounkoto operation continues to generate substantial revenue, contributing nearly $900 million in 2024 for the company, though ongoing tensions with a joint venture partner may influence a planned IPO.

Anton Kharitonov, expert at Traders Union, sees Barrick Gold facing persistent short-term selling with price stuck under resistance at $66.97. He notes that while the company resolved its licensing dispute in Mali, ongoing tensions with local partners cloud the long-term picture and signal operational risk. Kharitonov views the oversold signals from oscillators as unreliable in the face of weak momentum and lingering bearish bias. He is especially cautious about a potential downside if support at $63.79 fails. "Temporary news-driven rallies should not distract from fragile sentiment — I prefer to avoid long positions with sellers still in control."

Viktoras Karapetjanc, expert at Traders Union, highlights that the successful extension for Barrick Gold’s Loulo-Gounkoto mine reinforces the company’s strategic presence in Mali. He emphasizes strong revenue contributions and supports the bullish outlook, noting that consolidation above the MA-50 reflects robust structure even amid recent volatility. Karapetjanc is optimistic about the probability (>80%) of an upward move, expecting further strength if resistance at $66.97 is cleared. "The market offers clear opportunities here — I see further growth potential as the bullish structure remains intact."

Jainam Mehta, market strategist, observes mixed signals for Barrick Gold with momentum indicators showing bearish pressure but oversold oscillators hinting at a reversal setup. He notes that the narrow price range suggests a coil before a potential breakout, especially if buyers regain control above $66.97. Mehta sees the resolution in Mali as having a muted macro impact for now. "A contrarian long trade could be considered if price quickly reclaims dynamic resistance — watch for breakout confirmation and manage risk tightly."

Bearish momentum diverges from oversold signals near key support zones

The nearest dynamic resistance for ABX is indicated by the Ichimoku Kijun at $66.97, while the MA-50 at $63.79 offers dynamic support. Momentum indicators are mixed: MACD and ADX signal weak bearish momentum on the daily timeframe, whereas Stoch RSI, CCI, and BBP hint at oversold conditions. The RSI remains neutral, and the AO provides no clear directional bias. Despite a session that opened with an upward gap, the price sits near the session highs, and low intraday volatility reflects strength toward the top of today's range. Divergence between oversold oscillators and ongoing bearish momentum may signal a potential reversal, but sellers continue to dominate intraday action.

Previously it was reported that Barrick Gold Corporation is experiencing short-term selling pressure, with the stock trading below its 20-day and just under its 50-day moving averages, though it remains well above the 200-day average, signaling sustained long-term momentum. Despite mixed momentum signals—neutral-bullish ADX, bearish MACD, neutral RSI, and increased volatility—key support remains near $63, with resistance around the $66.97 level.

Source of Data: ABX Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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