Barrick Gold shares technical analysis: Upward price move continues as buyer support holds

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Barrick Gold up 1% at C$57.66 today

Highlights

ABX/CAD trades above short- and medium-term moving averages but remains under longer-term pressure from sellers.
Intraday signals conflict as price strength persists near session highs, even as most oscillators indicate oversold conditions.
The projected range for the next several sessions is C$56.02 to C$59.3, with a 74% likelihood of a downward move.

Mixed momentum as oversold signals counter price strength

On the hourly chart, ABX is above the MA-20 and MA-50 levels but remains below the MA-200, with immediate support found at the Ichimoku Kijun near C$56.55. MACD signals strong buy momentum, while ADX is neutral. The RSI is at 45.01, which is typically interpreted as a sell signal, and alongside Stochastic RSI, CCI, and Bull/Bear Power readings, indicates an oversold market environment favoring sellers intraday. Awesome Oscillator remains neutral and provides no clear confirmation of the prevailing direction. This divergence between oscillator-based oversold signals and price strength points to a conflicting short-term technical backdrop.

Downside bias prevails amid rangebound scenario outlook

ABX is expected to trade within a range of C$56.02 to C$59.3 over the coming sessions, reflecting typical recent volatility. Model scenarios suggest only a 26% probability of further upside, while a downward move is favored at 74%. Price action is likely to remain in a sideways corridor unless ABX decisively breaks above resistance toward the upper end of the projected range; a drop below current support could trigger further declines.

Anton Kharitonov, analyst at Traders Union, notes that ABX shows intraday upside momentum, with price moving above key short- and medium-term averages. However, he sees mixed technical signals, as oscillator-based indicators favor sellers despite the ongoing price strength. The primary scenario is for a sideways or downward move unless resistance above C$59.3 is broken. "Given conflicting signals and a low probability of further upside, I remain cautious and would not initiate new long positions at current levels."

Earlier, analysts noted that Barrick Gold was positioned for potential near-term upside as technical momentum turned positive above short- and medium-term averages. The current analysis, however, highlights a shift toward downside risk reflected in a higher probability of declines, making the C$56.02 support level critical for traders monitoring potential breaks from the prevailing range.

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.