ABX trades flat as buyers eye C$57.21 resistance

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Barrick Gold gains 0.32% to C$52.48

Highlights

Assetmark Inc. raised its stake in Barrick Gold by 27.9% in Q1, signaling rising institutional interest.
The additional 17,845 shares purchased bolster ABX liquidity and may influence near-term market sentiment.
Technical signals indicate robust short-term bullish momentum, with ABX/CAD expected to remain between C$50.40 and C$54.56.

Institutional inflows rise as Assetmark boosts ABX stake

Assetmark Inc. increased its ownership in Barrick Gold by 27.9% over the first quarter, acquiring an additional 17,845 shares for a total of 81,892 shares, according to Defenseworld. This move reflects rising interest from institutional investors and suggests increased demand for ABX stock, which strengthens overall liquidity. The allocation by Assetmark could influence market sentiment in the near term as other institutional participants monitor repositioning activity.

Buy signals strengthen as technical resistance tempers bullish bias

On the hourly chart, ABX trades above the MA-20 at C$52.17 and MA-50 at C$50.53, while the daily timeframe shows the long-term MA-200 overhead at C$57.21. The Ichimoku Kijun indicator marks immediate support at C$51.22. MACD is on a strong buy signal and ADX aligns with a buy, both reflecting robust buying interest, while RSI stands at 62.58, indicating a moderate bullish bias. Stochastic RSI and CCI are neutral, showing the absence of overbought or oversold extremes; Bull/Bear Power registers strong buyer dominance intraday, and the Awesome Oscillator is neutral.

Range-bound outlook persists as volatility constrains breakout risk

In the short term, ABX is likely to trade within a range of C$50.40 to C$54.56, as typical volatility keeps price movement contained. The baseline scenario is for continued range-bound activity at current levels. There is a very high probability—over 80%—that price tests the upper end of this band in coming sessions, with only a low likelihood of a decline below the immediate support at the Ichimoku Kijun. A clear break above range highs could open the way for further gains, while a fall below C$51.22 would signal the start of renewed downside pressure.

Anton Kharitonov, expert at Traders Union, sees Barrick Gold as range-bound with mixed technical signals. Institutional inflows from Assetmark Inc. provide support, but the long-term trend is still weak. He maintains a cautious stance until a break above C$54.56 or below C$51.22. "The outlook remains neutral for now — I don’t see a convincing edge without a clear breakout from this range."

Earlier, analysts noted that Barrick Gold was exhibiting steady bullish momentum amid strategic investments and sector volatility. The latest accumulation by Assetmark Inc. reinforces institutional confidence, suggesting traders should watch for a potential upside breakout if ABX sustains buying interest above its current short-term support levels.

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.