Barrick Gold shares dip amid rising selling pressure

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Barrick gold slides 2.03% today

Highlights

Barrick Gold trades below all major moving averages, confirming sustained bearish pressure across short, medium, and long timeframes.
Momentum indicators are divided, with weak trend strength and mixed short-term direction as volatility persists near recent lows.
The price is expected to remain rangebound between C$52.09 and C$56.77 over the next five sessions, with resistance at C$54.73.

Anton Kharitonov, expert at Traders Union, highlights that ABX remains under heavy technical pressure with no supportive news flow to counteract seller dominance. He notes the persistent bearish momentum across all timeframes and sees the clear failure to break above the 20, 50, and 200-day moving averages as confirming ongoing weakness. Kharitonov underscores that the alignment of MA-50 below MA-200 and the Ichimoku Kijun acting as resistance emphasize a sustained downtrend. Mixed momentum signals coupled with a lack of positive fundamental drivers signal increased downside risk. He warns, "With bears controlling the narrative and no catalyst on the horizon, I consider ABX vulnerable to further declines below C$52.09 if sentiment worsens."

Viktoras Karapetjanc, expert at Traders Union, notes that ABX operates within a well-defined range supported by clear technical levels. He emphasizes the constructive setup, pointing to the 56% statistical chance of upside and a firm ceiling at C$54.73 as potential catalysts for renewed momentum. Despite short-term headwinds and absent news, Karapetjanc maintains that the wider bullish structure remains intact above C$52.09 and that market volatility offers attractive entry opportunities. He states, "A move through C$54.73 could trigger fresh buyer interest — I expect the stock to rebound toward C$56.77 over the coming sessions."

Parshwa Turakhiya, analyst, observes that ABX’s sentiment is muddled with both bullish and bearish drivers active. He sees mixed signals in short-term momentum, as buyers show activity but face immediate resistance and overbought risks. Turakhiya notes the intraday volatility and BBP reading create tactical trading windows around support and resistance. He explains, "With technicals showing divergence, I’d watch for quick setups between C$52.09 and C$54.73 where market sentiment shifts fast and rewards nimble positioning."

Mixed momentum signals as technical barriers cap recovery

ABX is now trading below the 20-day, 50-day, and 200-day moving averages (C$54.99, C$56.2, and C$56.86 respectively), indicating sustained downside pressure. The Ichimoku Kijun at C$56.13 acts as a resistance, with a ceiling at C$54.73 and support at C$52.09. The broader bearish trend is confirmed by the MA-50 being below the MA-200. Momentum signals are mixed: MACD shows a sell bias, ADX points to weak trend strength, while RSI at 50.55 leans toward buy, and both Stochastic RSI and CCI are neutral. Bull/Bear Power (BBP) at 1.1 highlights intraday buyer activity, but overbought risk tempers this. ABX closed near its daily low, with a downside gap of C$0.59 (1.06%) and volatility amplitude at 0.71%. Awesome Oscillator remains neutral, reflecting diverging short-term momentum signals as buyers face immediate resistance.

Earlier, analysts noted that Barrick Gold was exhibiting bullish momentum with potential for a breakout or continuation of its sideways trend. The recent shift to sustained downside pressure across all key timeframes signals a reversal of this outlook, making a decisive move below C$52.09 the critical level to watch for confirmation of a deeper bearish scenario.

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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