Selling pressure pushes Barrick Gold stock lower in today's trading

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Barrick Gold slides 2.14% today

Highlights

ABX remains under strong selling pressure, trading well below short- and medium-term averages although above long-term support at $47.88.
Momentum and breadth indicators confirm a pronounced bearish bias with oversold conditions, suggesting a stretched but persistent downtrend.
Near-term trading is likely confined within $51.19 to $52.77, with less than a 20% probability of a rebound next week.

Anton Kharitonov, expert at Traders Union, sees persistent downside risk for Barrick Gold Corporation as it trades well below its short- and medium-term SMAs. He notes the lack of supportive news flow and the dominance of bearish technical signals, especially with daily momentum indicators deeply oversold. The current structure suggests limited upside potential. Even though the SMA-200 provides some structural support, sentiment remains negative and volatility risks are evident. "With selling pressure this persistent and no positive news triggers, I remain highly cautious on near-term recovery prospects."

Viktoras Karapetjanc, expert at Traders Union, sees the current setup offering strong opportunities despite recent declines. He points to the price holding above the SMA-200 as a sign the long-term bullish structure is still intact. Oversold signals present a platform for potential buyers if momentum turns. While short-term headwinds exist, the analyst remains focused on the recovery setup if resistance at $60.15 is reclaimed. "I believe the market is building a foundation for further growth, and bullish setups will emerge once the price stabilizes above key technical levels."

Bearish momentum intensifies as technical signals flag oversold conditions

The current price of ABX at $51.31 is well below the SMA-20 at $62.92 and SMA-50 at $65.09, indicating persistent short- to medium-term selling pressure, though the price remains above the long-term SMA-200 at $47.88, which acts as a structural support. Dynamic resistance is seen near the Ichimoku Kijun at $60.15, while support is defined by the SMA-200 region. Momentum readings show a pronounced bearish bias, with both MACD and ADX on the daily indicating a sell. RSI at 25.69, Stoch RSI at 0.00, and CCI at -196.78 all point to oversold conditions, suggesting the market is stretched on the downside. BBP signals that sellers are firmly in control intraday, with AO also confirming the downward trend. The price has slipped 2.14% today, opening close to the previous close ($52.41 vs $52.43, no gap) and currently trading near the low of the day, within a moderately volatile session. After the open, the tone remains pressured as continued downside momentum lines up with the daily performance, reinforcing the prevailing bearish sentiment.

Earlier, analysts noted that Barrick Gold faced sustained bearish momentum despite oversold signals, with further downside risk present in the near term. The latest trading action confirms and intensifies this outlook, with the probability of continued weakness remaining high and the SMA-200 at $47.88 emerging as the critical level to monitor for potential downside breaks.

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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