Barrick Gold shares fall nearly 4% as technical selling persists without new news catalyst

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Barrick gold slides 3.78% today

Highlights

Barrick Gold stock trades below its short- and long-term moving averages, indicating pressure on current trends.
Momentum indicators give mostly negative signals, with MACD and RSI forecasting a bearish outlook and ADX neutral.
Expected price range for the next 5 sessions is C$53.88 to C$58.14, with a 59% probability of a downward move.

Anton Kharitonov, expert at Traders Union, notes the significant absence of news flow weighing on Barrick Gold and feeding ongoing selling pressure. He points out the stock's slip below all major moving averages, alongside persistent negative momentum readings. The lack of support from sentiment or fundamentals, paired with the technical setup, reinforces bearish risk. He emphasizes downside probability outweighs recovery moves at this stage. "I remain skeptical on any near-term recovery in Barrick unless a catalyst emerges to shift current momentum," says Kharitonov.

Viktoras Karapetjanc, expert at Traders Union, sees the current weakness as a tactical setback but believes the bullish structure remains intact with support holding at C$53.88. He highlights that despite recent selling, long-term moving average alignment and the presence of intraday buyers offer upside opportunities. Karapetjanc notes that sideways movement could create favorable setups as volatility persists. "The market setup here offers potential for renewed growth if C$55.65 breaks — patient investors should watch for a shift in momentum," Karapetjanc asserts.

Jainam Mehta, market strategist, views the current consolidation near support as a tactical crossroads for Barrick Gold. He observes that intraday oversold signals and lingering volatility could pave the way for a sharp reversal or continued breakdown. "A contrarian trade might develop if price rebounds off C$53.88 support — but any move below that signals fresh downside risk," Mehta states.

Downward momentum persists as selling pressure overrides oversold signals

Barrick Gold is trading below its 20-day (C$58.78), 50-day (C$59.81), and 200-day (C$59.15) moving averages, showing that sellers remain in control of both short- and longer-term trends. The nearest resistance level is at C$55.65, with support established at C$53.88, and the MA-50 vs MA-200 alignment still suggests a bullish long-term structure. Momentum signals continue to be negative: MACD issues a Sell signal and ADX is Neutral. RSI stands at 46.29 with a Sell forecast, while the CCI and Stochastic RSI remain Neutral. Bull/Bear Power (BBP) at 0.49 signals that buyers are present intraday, but also indicates the stock is oversold. The stock is trading near its intraday low after an opening gap down, and intraday volatility is at 0.76%. Momentum weakness aligns with ongoing selling pressure and a clearly negative tone since the open.

Earlier, analysts noted that Barrick Gold was showing short-term strength but faced significant longer-term resistance, increasing downside risks. The latest technical developments reinforce the bearish outlook, with key resistance now at C$55.65 and continued monitoring warranted as a break below C$53.88 would signal further downside potential.

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

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