Barrick Gold stock gains as price lifts above key moving averages
Barrick Gold (ABX) stock is trading at C$59.39, up 1.31% on the day. The price sits above its key moving averages, maintaining strength relative to recent trends.
60.39
59.85
Highlights
- ABX/CAD demonstrates strong bullish momentum as prices hold above key short-, medium-, and long-term averages.
- Momentum indicators confirm buyer dominance and signal overbought conditions, though price action now nears the low of the daily range.
- Expected price range for ABX/CAD is C$55.76 to C$63.02, with high probability of further upside barring a break below C$55.93 support.
Overbought momentum as ABX nears key technical supports
On the h1 chart, ABX is trading above the MA-20 at C$56.70 and the MA-50 at C$55.25, while also holding above the MA-200 on the daily at C$55.83. Immediate technical support is indicated at the Ichimoku Kijun level of C$55.93. Among momentum indicators, MACD, ADX, and Stoch RSI all signal a buy. The RSI is notably high at 74.3, with CCI and BBP also reflecting overbought conditions. The Awesome Oscillator is currently neutral. Despite strong overall momentum, overbought signals and proximity to the session low suggest a possible slowing of the recent upward drive.
Bullish scenario likely as resistance break eyed in tight range
Over the short term, ABX is expected to fluctuate within a volatility band of C$55.76 to C$63.02. Continuation of the prevailing upward movement is highly probable, while the potential for a downward move is considered low. Should the price break above resistance, a push toward the upper end of this range is likely. Conversely, a move below the immediate support at the Kijun level could see the stock approach the lower end of the range.
Earlier, analysts noted that Barrick Gold maintained a strong uptrend but warned that overbought technical signals could temper near-term gains. With current momentum indicators reinforcing bullish sentiment despite persistent overbought conditions, traders should remain alert to potential volatility around key support at C$55.93, as any decisive move could signal the next directional shift.
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