Barrick Busts Out | Investing.com


A very solid Q3 earnings report has sparked a powerful surge for shares Barrick Gold (NYSE:). The stock is up over 6% in the early going as it extends Tuesday’s trendline break. GOLD is now trading above its October peak and is set up well for new 2020 highs.

 

GOLD has a very solid foundation underneath. After marking the July lows the $26.00 area held a nasty post earnings flush(-8.6%) in early August. This key zone held again in late October as GOLD traced out a second straight lower monthly high.

GOLD is far from overbought as per the daily MACD indicator. We view GOLD as a low risk buy on weakness. A close back below this week’s low($26.50) would be a clear warning sign that today’s breakout has failed.

We are long GOLD in some managed accounts.





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