What triggered Barrick Gold shares' latest price pullback

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Barrick Gold slides 3.01% to C$55.13

Highlights

Barrick Gold trades below key moving averages, signaling seller pressure despite a bullish long-term trend.
Momentum and oscillator readings point to continued short-term weakness, though buyers have not fully retreated.
Expected five-day trading range is C$52.3 to C$57.96, with 71% probability of a downward move and C$54.67 as key support.

Anton Kharitonov, expert at Traders Union, sees Barrick Gold under heavy technical pressure with no supportive news to spark a reversal. He cautions that the persistent drop below major moving averages and continued bearish indicators show sellers firmly in control. The absence of fresh corporate catalysts further dampens sentiment, signaling weak demand. Kharitonov points to the high odds of further decline within the C$52.3–C$57.96 range, especially if support at C$54.67 fails. He warns, "Risk control is key here — I see limited upside while downside momentum remains strong and news catalysts are missing."

Viktoras Karapetjanc, expert at Traders Union, remains constructive despite the recent setback in Barrick Gold. He views the pullback as an opportunity within a range-bound setup and highlights resilient intraday buying efforts. Karapetjanc believes the firm resistance and clearly defined support create multiple trading setups for bulls who are disciplined. He asserts, "The bullish structure remains in place for traders who look beyond short-term volatility — the market offers plenty of opportunities in these established ranges."

Parshwa Turakhiya, analyst, notes that sentiment around Barrick Gold remains cautious but not oversold. He highlights short-term volatility as a catalyst for active traders seeking quick moves between support at C$54.67 and resistance at C$55.32. Turakhiya sees room for tactical plays, as buyers probe for stabilization late in sessions. He explains, "Momentum is weak but watch for intraday reversals — nimble traders can spot opportunity in these swings."

Sustained bearish outlook as moving averages and indicators align

Barrick Gold trades below its 20-day (C$57.09), 50-day (C$57.02), and 200-day (C$56.34) moving averages, underscoring persistent short-, medium-, and long-term selling pressure. Resistance is firm at C$55.32, and support emerges at C$54.67. Momentum signals remain bearish, with the MACD indicating strong selling and the ADX registering as neutral, reflecting no strong trend. The Relative Strength Index stands at 49.49 with a 'Sell' forecast, signaling growing pressure but not yet oversold. Stochastic RSI and CCI both read neutral. Bull/Bear Power shows buyers retain a slight advantage (0.15), but the 'Oversold' forecast highlights an exhausted upside. Intraday, the stock traded near session highs after opening with a downside gap and volatility reaching 1.19%. The overall tone stays cautious, with most indicators pointing lower even as buyers try to stabilize late in the session.

Earlier, analysts noted that Barrick Gold was under persistent selling pressure, with technical signals skewed toward further downside. The latest price action and momentum readings reinforce this bearish outlook, suggesting traders should monitor for a potential breakdown below the current support zone as downside risk intensifies.

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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