Will Barrick Gold stock avoid deeper losses amid weak momentum?

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Barrick Gold slides 1.28% today

Highlights

Shares of ABX/CAD closed at C$56.96, retracing 1.28% with a negative gap and moderate volatility.
Short- and medium-term technical indicators show bullish momentum, but long-term trend signals ongoing downward pressure.
ABX/CAD is expected to trade between C$55.26 and C$58.66 in the coming days, with a slight upside probability of 53%.

Bullish momentum emerges as long-term pressure moderates gains

On the technical front, ABX currently trades above the MA-20 at C$56.77 and MA-50 at C$56.91, but is still below the long-term MA-200 at C$59.09. The Ichimoku Kijun on the daily chart at C$56.55 provides immediate support. Momentum indicators on the hourly chart are predominantly positive, with RSI at 55.78 (Buy), and both MACD and ADX supporting a bullish stance, while CCI is also in Buy territory. Stoch RSI remains neutral, as does the Awesome Oscillator, but Bull/Bear Power shows strong buying dominance. The session closed near its daily low on moderate volatility—contrasting with the generally bullish technical readings.

Tight trading range expected as breakout risk builds

Over the next several trading days, ABX is expected to fluctuate within a range of C$55.26 to C$58.66, reflecting typical volatility relative to current levels. Probability analysis suggests a slight edge for upside moves, with a 53% chance of prices rising versus 47% for further declines. If the stock breaks above C$58.66, a bullish breakout could follow. A drop below C$55.26 would open the door to renewed downside risk.

Viktoras Karapetjanc, expert at Traders Union, sees constructive prospects for Barrick Gold despite the recent dip. He notes that bullish momentum indicators and support above key moving averages give the stock an upward bias. The moderate volatility and positive technical signals suggest a slight advantage for buyers in the coming sessions. "With ABX holding key support levels and buyers showing strength, I expect the upside opportunity to prevail if C$58.66 is breached."

Earlier, analysts noted that Barrick Gold was positioned for potential near-term upside as momentum shifted above key short- and medium-term averages. The current analysis adds nuance by highlighting mixed short-term technicals amid a moderate downside session, with market participants now focused on whether ABX can sustain support above C$55.26 to avoid increased downside risk.

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.