Will Barrick Gold stock break C$59.97 resistance amid robust momentum?

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Barrick Gold up 1.19% to C$58.25

Highlights

ABX/CAD stock has established a short- and medium-term bullish pattern but remains constrained by its long-term trend.
Momentum indicators are mixed, with some readings in overbought territory and others signaling ongoing buyer strength.
Shares are forecast to trade in a C$56.53 to C$59.97 range over the next 2 to 3 days, with a 67% probability of an upward move.

Mixed momentum as technicals highlight upside and overbought risks

ABX is currently trading above the MA-20 (C$56.55) and MA-50 (C$56.93), but remains below the MA-200 (C$59.11). The Ichimoku Kijun at C$56.69 defines immediate support, while resistance is identified near the MA-200. RSI at 60.21 and CCI both indicate buy conditions, while Stoch RSI and Bull/Bear Power signal overbought territory. ADX reflects buyer dominance, with a neutral MACD highlighting divergence across momentum signals. The Awesome Oscillator registers a buy, supporting evidence of near-term upside.

Probability favors gains as price tests defined volatility range

Over the next 2–3 trading days, ABX is expected to fluctuate within a C$56.53–C$59.97 volatility band. There is a 67% probability of a move higher, while the chance of a downward shift stands at 33%. Baseline expectation calls for continued range-bound trade between immediate support and resistance. A clear breakout above C$59.97 could see additional gains, whereas a drop through C$56.53 would open the way to lower support areas.

Viktoras Karapetjanc, expert at Traders Union, notes that Barrick Gold (ABX) is trading with strong momentum above key moving averages, though major resistance looms at the MA-200. He believes technical signals are mostly bullish, supported by robust oscillator and trend readings. The analyst expects range-bound movement between C$56.53 and C$59.97 in the short term, with the probability favoring a breakout higher. There are no major news events impacting sentiment. "I see constructive momentum in ABX and expect buyers to test the C$59.97 level soon," says Karapetjanc.

Earlier, analysts noted that Barrick Gold was contending with persistent technical weakness and sustained downside risk. The current analysis signals a potential shift in trend, with near-term upside favored as ABX trades above short- and medium-term averages, positioning the C$59.97 resistance level as a critical threshold to watch for further gains.

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.