Barrick Gold stock tests C$47.27 support as oversold conditions limit further selling

Traders Union
All News
Financial News
Barrick Gold falls 3.51% to C$48.67

Highlights

ABX/CAD exhibits clear short-, medium-, and long-term bearish trends, trading below all major moving averages on the hourly chart.
Technical indicators confirm pronounced seller control, with oversold readings across oscillators and weak momentum suggesting ongoing downside pressure.
Expected trading range for the next sessions is C$47.27 to C$51.1, with a high probability of further declines unless immediate resistance is reclaimed.

Bearish momentum intensifies with indicators confirming oversold signals

On the hourly chart, ABX is below the MA-20 at C$50.79 and the MA-50 at C$51.32, while the price also remains under the MA-200 at C$57.1. The Ichimoku Kijun is set at C$50.74, acting as immediate resistance. Indicator readings show the Relative Strength Index (RSI) at 30.76, signaling a sell, with the Moving Average Convergence Divergence (MACD) also indicating a sell, and the Average Directional Index (ADX) remaining neutral. Stochastic RSI, Commodity Channel Index (CCI), and Bull/Bear Power all point to oversold conditions and prevailing seller dominance, while the Awesome Oscillator is neutral and has not challenged the ongoing trend.

Consolidation expected as bearish bias persists without resistance break

In the short term, ABX is expected to trade within the C$47.27 to C$51.1 range. Downward movement is highly probable, with limited chances of a significant rebound unless resistance at C$50.74 is breached. A baseline scenario calls for price consolidation within this volatility band; a move below support at C$47.27 would reinforce the bearish outlook.

Anton Kharitonov, expert at Traders Union, sees Barrick Gold locked in a technical downtrend, with price action firmly under key moving averages and no supporting news drivers. Indicators show persistent selling pressure and prevailing bearish sentiment, while oscillators confirm oversold conditions. He notes support at C$47.27 and views any rebound as unlikely unless resistance at C$50.74 is broken. "My tactical stance remains defensive — until C$50.74 is reclaimed, the risks remain skewed to the downside for ABX," says Kharitonov.

Earlier, analysts noted that Barrick Gold was exhibiting persistent bearish momentum with downside risks dominating its technical outlook. The current session's continued pressure below key resistance levels and confirmation of oversold conditions reinforce the prevailing bearish scenario, with a decisive break of C$47.27 support now posing the most significant risk for renewed downside volatility.

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.