Barrick Gold stock tests the 200-day moving average: Technical outlook

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Barrick Gold down 0.24% at C$58.81

Highlights

Shares of ABX trade below key moving averages with persistent selling pressure dominating across all observed timeframes.
Bearish momentum is confirmed by MACD and ADX, with mixed signals from oscillators but overall seller dominance.
Expected price range for ABX stock over the next 2 to 3 days is C$56.98 to C$60.64, with further downside more likely than recovery.

Bearish momentum prevails amid mixed oscillator signals

ABX is trading below the MA-20 at C$59.92 and MA-50 at C$61.05 on the hourly chart, with the current price also underneath the long-term MA-200 at C$59.15. The Ichimoku Kijun at C$60.09 provides immediate resistance. Momentum indicators reflect continued selling: both MACD and ADX signal bearish strength. RSI registers 39.84 and CCI also points to sell, while Stochastic RSI gives a buy signal, introducing a measure of divergence, and Bull/Bear Power supports seller dominance. The Awesome Oscillator remains neutral, offering little directional guidance as intraday volatility contracts. This blend of indicator signals suggests that while sellers are in control, short-term oscillators indicate developing oversold conditions, though not enough to shift the broader setup.

Downside risk elevated as resistance limits potential rebound

Over the next 2–3 trading days, ABX is expected to remain within the C$56.98 to C$60.64 volatility band relative to current levels. The probability of upward price action is considered very low, while the probability of a further decline is high, with immediate resistance at C$60.09. A sustained break above this resistance could open the door for upside momentum, while a move below C$56.98 would confirm further downside continuation in line with the prevailing trend.

Viktoras Karapetjanc, expert at Traders Union, notes that ABX remains under clear technical pressure, with sellers dominating momentum and the price trading below key moving averages. Despite this, he maintains a constructive outlook, observing that any break above C$60.09 could quickly shift the setup in favor of buyers. The expert sees the current volatility band as a near-term containment zone, but believes oversold signals hint at potential reversal opportunities. He takes a moderately bullish stance while respecting the prevailing trend. "If ABX can overcome immediate resistance at C$60.09, bulls may finally regain control in the sessions ahead."

Earlier, analysts noted that Barrick Gold faced continued downside pressure and rangebound trading amid mixed technical signals. The current analysis strengthens this cautious outlook, with the prevailing scenario favoring ongoing weakness and C$60.09 emerging as a critical resistance level to monitor for potential reversal.

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.