Barrick Gold shares technical analysis: Range-bound with support at C$53.74 under pressure

Traders Union
All News
Stocks
Barrick Gold slips 0.76% today

Highlights

ABX/CAD stock trades above its short-term average but remains below key medium- and long-term resistance levels.
Momentum indicators are mixed, showing intraday buyer strength but weak trend conviction with several overbought signals.
Expected trading range over the next several days is C$53.3 to C$56.12, with a 62% probability of a downward move.

Conflicting technical signals as ABX faces overbought conditions

On the technical front, ABX/CAD trades above the MA-20 (C$54.05) but is still below the MA-50 (C$55.3) and the long-term MA-200 (C$58.79). The immediate support is marked by the Ichimoku Kijun level at C$53.74. Momentum signals are divided: MACD is neutral, ADX indicates a Sell bias suggesting weak trend conviction, and RSI at 55.1 highlights slight buying momentum. However, both Stoch RSI and CCI register overbought conditions, and Bull/Bear Power continues to show intraday buyer dominance. The Awesome Oscillator confirms the recent upward move, but conflicting signals from oscillators and broader momentum indicators underscore a lack of consensus in the market.

Sideways bias prevails as downside risk remains elevated

In the short term, ABX/CAD is expected to trade between C$53.3 and C$56.12, forming a sideways channel consistent with recent volatility. Probability of a downward move is higher at 62%, while a break above the upper range would require sustained buyer commitment. If support at C$53.74 fails, price may retreat further within the typical volatility band for the upcoming sessions.

Anton Kharitonov, expert at Traders Union, sees Barrick Gold trading in a technically mixed area with no fresh catalysts to drive direction. Short-term indicators conflict, while longer averages and oscillators suggest lingering caution. Base case remains a sideways channel between C$53.3 and C$56.12 unless the C$53.74 support is broken. "Until the price clears key resistances or support fails, I remain cautious and on the sidelines."

Earlier, analysts noted that Barrick Gold’s technical outlook was broadly bearish despite positive developments, with market attention focused on cash flow reliability and sustained buyer strength for a potential reversal. The current analysis validates ongoing mixed momentum and highlights that continued monitoring of the C$53.74 support level is crucial, as a failure to hold could trigger further downside within the established volatility band.

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.