Barrick Gold stock forecast: Seller pressure weighs on near-term outlook
Barrick Gold (ABX) stock is trading at C$50.95, down 1.83% on the day. The price sits below its key moving averages, reflecting continued weakness in the short, medium, and long-term trends.
51.47
53.96
Highlights
- ABX/CAD remains under sustained selling pressure, trading below short-, medium-, and long-term trend indicators.
- Momentum signals are decisively bearish, with multiple indicators confirming dominant seller control and continued downside risk.
- Expected trading range for the next sessions is C$48.94 to C$52.96, with downside breakout more likely than a rebound.
Bearish momentum builds as technical signals confirm persistent selling
ABX has slipped below its MA-20, MA-50, and MA-200 levels, and the Ichimoku Kijun at C$51.24 marks immediate resistance. Technically, the Moving Average Convergence Divergence (MACD) stands at Strong Sell and the Average Directional Index (ADX) confirms a persistent sell bias. The Relative Strength Index (RSI) is 36.78 and indicates a Sell, while the Stochastic RSI remains in oversold territory. The Commodity Channel Index (CCI) is neutral, but both Bull/Bear Power and Stochastic RSI highlight dominant selling activity during the session.
Downside extension risk as resistance caps upside potential
For the short term, ABX's expected price range is C$48.94 to C$52.96, defining the current volatility band relative to existing levels. The probability of an upside move remains very low, while downside continuation is highly likely. If ABX breaks above the immediate resistance, a bullish scenario could emerge, but a move below C$48.94 would confirm a bearish extension.
Earlier, analysts noted that Barrick Gold faced ongoing technical pressure and a heightened probability of downside movement despite efforts to enhance shareholder value. This latest decline below major moving averages reinforces the bearish trend, making C$48.94 a critical support level for traders to monitor in the coming sessions.
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