Barrick Gold shares fall over 3% as technical weakness persists

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Barrick gold slides 3.04% today

Highlights

Barrick Gold trades below all key moving averages, confirming sustained bearish pressure across short, medium, and long timeframes.
Bearish momentum dominates as MACD, ADX, RSI, and CCI all signal further downside, though oversold conditions are emerging.
Forecasted trading range is C$48.54–C$50.87 over the next five days, with over 80% probability of a downward move.

Anton Kharitonov, expert at Traders Union, sees Barrick Gold under persistent pressure. He notes the absence of supportive news and highlights that the price remains locked below all major moving averages. Technical signals and momentum indicators confirm a dominant bearish tone. He is cautious about the oversold readings, warning of possible false optimism. "Without any catalysts and with the technical structure in decline, I expect further weakness unless buyers reclaim key levels," Kharitonov says.

Viktoras Karapetjanc, expert at Traders Union, acknowledges the current technical setback but emphasizes the opportunity for patient investors. He views oversold momentum as groundwork for a rebound, citing strong market structure in the wider mining sector. While recent sessions lack news, Karapetjanc believes macro drivers could trigger renewed interest in gold equities. "The bullish structure remains intact longer term and further growth is expected if resistance at C$50.87 is broken," he asserts.

Parshwa Turakhiya, analyst, finds Barrick Gold stuck within a volatile, rangebound setup as technical sentiment leans bearish. He notes that strong oversold signals create short-term tactical opportunities but warns that downside momentum still dominates. Turakhiya points out that traders may look to play the corridor between C$48.54 and C$50.87 for quick moves. "I’d watch for a breakout or breakdown from this range as sentiment remains fragile and momentum could shift quickly," he says.

Broad moving average weakness as oscillators confirm session downside

Barrick Gold is trading below the 20-day (C$53.86), 50-day (C$55.89), and 200-day (C$57.09) moving averages, confirming short-, medium-, and long-term downside pressure. The near-term ceiling is at C$49.87 and the near-term floor is at C$48.54, with the prevailing trend reinforced by the bearish MA-50 versus MA-200 alignment and the Ichimoku Kijun (C$55.43) acting as distant resistance. Momentum indicators show a negative bias: the MACD and ADX both signal weak downside momentum, while the RSI points to a sell and the CCI is also in sell territory. Stochastic RSI signals a strong buy, indicating growing oversold conditions, and Bull/Bear Power is marginally above zero, suggesting buyers have a slight edge intraday but with an oversold warning. The Awesome Oscillator aligns with downside momentum. The stock is down C$1.56 or 3.04% at C$49.7 after opening higher with an upside gap of about 0.62%, now holding near the session low with intraday volatility at 3.43%. The tone is heavy, with momentum indicators mostly confirming session weakness, though some divergence is seen among oscillators.

Earlier, analysts noted that Barrick Gold was exhibiting sustained downside risk as bearish momentum prevailed below key technical levels. The current analysis reinforces this negative outlook, highlighting increased probability of continued weakness, with traders advised to monitor the C$48.54 support as a potential inflection point for near-term direction.

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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