ABX slides over 4% as intraday overbought signals and resistance cap upside after earnings beat

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Barrick Gold slides 4.2% today

Highlights

Barrick Gold posted net earnings of $1.32 billion and revenue of $5.07 billion, up 22% year-over-year, on higher gold and copper prices and improved production.
The company upheld its annual production guidance, distributed a $0.175 per share dividend, and returned $1.04 billion in dividends plus $761 million in share buybacks, ending the quarter with $909 million net cash.
Shares of Barrick Gold show short-term strength but remain under medium- and long-term resistance, with technicals signaling overbought conditions and an expected range of C$54.2 to C$60.76 over the next five days.

Earnings beat offset by sustained selling amid robust capital returns

Barrick Gold reported strong third-quarter 2026 results with net earnings of $1.32 billion, or $0.80 per share, and adjusted earnings of $0.82 per share. Revenue rose 22% year-over-year to $5.07 billion, driven by higher gold and copper prices and improved production. The company maintained annual production guidance, paid a $0.175 per share dividend, and returned $1.04 billion through dividends and $761 million via share buybacks. Barrick ended the quarter with net cash of approximately $909 million, though price action has remained under broader selling pressure.

Anton Kharitonov, expert at Traders Union, notes that Barrick Gold's sharp drop comes despite strong quarterly earnings and capital returns. He points out persistent technical resistance below key moving averages and overbought short-term oscillators, which limit upside. Kharitonov is skeptical of the current buyer dominance with such intraday volatility and fragile price action near session lows. He emphasizes that medium- and long-term signals remain bearish, and that any upside is likely to be sold. "Caution is warranted here — without clear trend reversal signs, downside risks outweigh upside potential in the coming days."

Viktoras Karapetjanc, expert at Traders Union, is constructive on Barrick Gold's outlook following impressive Q3 results and robust cash returns. He sees the bullish structure intact, as the company delivers rising earnings and shareholder payouts despite recent price weakness. Karapetjanc expects further growth if gold and copper prices hold, viewing the current pullback as an opportunity for positioning. He believes that sustained capital strength and disciplined guidance support positive sentiment. "Given these fundamentals, I expect Barrick Gold to rebound and potentially break above C$60.76 in the near term."

Sholanke Dele, market strategist, views the recent price action as a warning sign of underlying market anxiety. He notes that the heavy selloff, despite positive earnings, reflects broader risk aversion and shaky sentiment in resource stocks. Dele warns that the sharp decline after the opening, paired with overbought indicators, exposes Barrick Gold to further selling if support is breached. "I would avoid chasing this name right now — negative momentum and volatility remain clear threats to stability."

Short-term gains challenged by resistance as momentum signals caution

Barrick Gold is trading above the 20-day moving average (C$55.59), but remains below both the 50-day (C$58.06) and 200-day (C$58.19) moving averages, highlighting short-term strength amid medium- and longer-term resistance. The Ichimoku Kijun at C$55.55 acts as an additional support. The near-term ceiling sits at C$58.06, with a floor at C$55.59. MACD indicates strong downside momentum and the ADX remains neutral. The RSI is also neutral, while both the Stochastic RSI and CCI are in their overbought zones. Bull/Bear Power (BBP) stays positive, reflecting continued intraday buyer dominance. Price action remains near the session low with intraday volatility at 2.39%, and the sharp decline after the opening signals caution given the overbought oscillator signals.

Previously it was reported that Barrick Gold was reassessing the development approach for its Fourmile project in Nevada following a stake transfer agreement with Newmont. Current trading dynamics, reflected in volatility between C$54.2 and C$60.76 over the next five sessions, highlight the need for investors to closely monitor potential breakouts or breakdowns as the company navigates both operational and technical transitions.

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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