Barrick Gold stock slips below C$49.59 support amid pullback

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Barrick Gold slides 1.23% to C$50.63

Highlights

Hillsdale Investment Management raised its Barrick Gold stake by 13.9% in Q1, indicating stronger institutional interest.
Despite increased institutional accumulation, Barrick Gold's share price remains under persistent selling pressure driven by broader market factors.
Barrick trades below key moving averages with bearish momentum; near-term range is C$49.59–C$51.67, probability skewed toward further downside.

Institutional accumulation rises while selling pressure persists

Hillsdale Investment Management Inc. increased its stake in Barrick Gold by 13.9% during the first quarter, as reported by MarketBeat. This transaction signals increased institutional participation and can contribute to passive support for liquidity and demand within the shareholder base. However, the effect of this accumulation appears limited in the current context, as price action has remained under broader selling pressure.

Failed recovery at key averages as sell momentum intensifies

On the hourly chart, ABX has failed to reclaim the MA-20 at C$51.34 and the MA-50 at C$51.87, while the daily MA-200 remains higher at C$57.09. The Ichimoku Kijun level at C$51.54 stands as immediate resistance. Momentum signals, including Moving Average Convergence Divergence (MACD) and the Awesome Oscillator, both point to strong selling, while the Average Directional Index (ADX) shows neutral trend strength. The Relative Strength Index (RSI) sits at 42.88, indicating a sell signal, whereas both Stochastic RSI and the Commodity Channel Index (CCI) are neutral, with Bull/Bear Power pointing to minor buyer dominance on the intraday move.

Downtrend risk elevated as price nears support boundary

In the short term, ABX is expected to trade in a corridor between C$49.59 and C$51.67, consistent with typical volatility for the period. The forecast leans toward continued downside, with a high probability of the price retesting or breaking below the C$49.59 support if current momentum persists. A bullish reversal would require a firm move above immediate resistance at C$51.54, potentially opening the way to C$51.67 and above. Until then, a sideways pattern within the stated range is the baseline scenario.

Viktoras Karapetjanc, expert at Traders Union, notes that Barrick Gold’s near-term picture remains weighed down by sustained downside momentum. He sees the recent institutional accumulation by Hillsdale Investment Management as a constructive signal for long-term confidence and liquidity, but expects this support to have only a marginal effect in the short run. While technicals lean bearish, optimism is maintained with an eye on a possible reversal if C$51.54 is reclaimed. "A break above immediate resistance could spark a fresh upside move, but for now, a cautious approach within the current range is prudent."

Earlier, analysts noted that Barrick Gold was showing signs of a tentative bullish shift driven by renewed institutional interest and improving short-term technicals. However, with the stock now firmly under pressure below major moving averages, the current setup highlights downside risk, making sustained support above C$49.59 critical for near-term stability.

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

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.