ABX gains as buyer support maintains short-term trend above moving averages

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Barrick Gold gains 2.94% to C$58.53

Highlights

ABX/CAD currently trades above short- and medium-term moving averages but remains below the long-term trend level.
Momentum indicators such as MACD, ADX, CCI, and RSI show ongoing buyer dominance, though multiple oscillators flag overbought conditions.
The forecast range for the next few sessions is C$57.09 to C$59.97, with a 76% probability of an upward move and key support seen at C$57.23.

Momentum sustained as multiple indicators flag overbought risks

On the technical side, the price is positioned above the MA-20 and MA-50, while remaining below the MA-200 which continues to cap the longer-term trend. Immediate support is seen at the Ichimoku Kijun, currently at C$57.23. Bullish momentum persists with both the MACD and ADX suggesting sustained buying interest. The RSI is in the buy zone at 67, CCI is also flashing a buy signal, and both Stoch RSI and Bull/Bear Power indicate overbought conditions with strong buyer control. However, the Awesome Oscillator is neutral, offering no further confirmation of upward direction. Overbought signals on several oscillators introduce some short-term divergence risk.

Range-bound action likely as bullish breakout probabilities rise

Looking ahead, ABX is expected to trade within a C$57.09 to C$59.97 volatility band relative to current levels over the next few sessions. The probability of an upward break is estimated at 76%, while downside moves are less likely in the immediate term. The most probable near-term scenario is range-bound consolidation within these levels; a move above C$59.97 would open room for fresh bullish momentum, whereas a drop below the C$57.09 support and the Ichimoku Kijun could set up a corrective pullback.

Anton Kharitonov, expert at Traders Union, notes that ABX maintains bullish technical momentum but remains below its long-term trend marker. Overbought oscillator readings and absence of fresh news keep him cautious despite the current price advance. He sees immediate consolidation likely, with the upside capped unless resistance at C$59.97 is broken. "Until price clears the MA-200 and C$59.97, I prefer a defensive stance and will wait for confirmation before considering new longs."

Earlier, analysts noted that Barrick Gold was showing signs of short-term strength while remaining constrained by long-term resistance. The current analysis reinforces this view, highlighting continued bullish momentum but emphasizing that a clear directional break remains contingent on the next move beyond the established technical thresholds.

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.