ABX slips as weak momentum and support pressure weigh on the price

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Barrick Gold drops 1.84% to C$57.48

Highlights

Barrick Gold stock is in a short-term bullish phase above key moving averages on the H1 timeframe but remains under long-term bearish pressure below the daily 200-day moving average.
Momentum indicators present mixed signals with bullish cues from MACD, ADX, RSI, and CCI, while Stoch RSI shows the stock as strongly overbought and intraday price action stays weak.
Barrick Gold stock is expected to trade within the C$56.04 to C$58.92 range, with a higher probability of short-term downside unless price breaks above resistance or below support.

Mixed bullish momentum as intraday buyers face resistance

On the H1 timeframe, ABX has moved above the MA-20 and MA-50 levels, while remaining below the MA-200 on the daily chart. Immediate support is defined by the Ichimoku Kijun at C$57.23. Momentum signals show a mixed technical setup: MACD, ADX, RSI, and CCI all reflect bullish cues, while Stochastic RSI is in strong overbought territory and Bull/Bear Power indicates significant buyer dominance within the intraday session. The Awesome Oscillator signal is neutral, adding neither bullish nor bearish confirmation to the current mix.

Further downside risk as volatility band contains direction

In the near term, ABX is expected to trade within the C$56.04 to C$58.92 volatility band as recent price action has stayed subdued. There is a 39% probability of an upward move, but a downward move is statistically favored in the short run. A breakout above C$58.92 would be needed for a sustained bullish scenario, while a close below C$56.04 would confirm further near-term downside risk.

Anton Kharitonov, expert at Traders Union, notes that Barrick Gold is technically trading above key short- and medium-term moving averages but remains capped below a longer-term resistance. He sees a mixed momentum setup, with short-term signals flashing bullish cues but overbought readings and no fresh news to support sustained upside. Downside risk is favored unless C$58.92 is broken decisively. "Until Barrick Gold closes above C$58.92, my base case remains defensive and I see further downside risk dominating in the short term."

Earlier, analysts noted that Barrick Gold was exhibiting short-term strength while remaining constrained by longer-term resistance. The current technical setup introduces greater downside risk in the near term, making a decisive break above C$58.92 the key level to monitor for any renewed bullish momentum.

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.