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Barrick Gold (GOLD): Up 33%—Time to Take Profits?What a rise by Barrick Gold since we bought some shares at the end of February 2024. Patience pays off most of the time, and so it has with Barrick Gold. We are now up over 33% with this stock, and we’re very happy with this last-second entry before the stock took off. Gold continues to rise, and Barrick Gold is following suit. However, after every rise, a setback—whether major or minor—will happen sooner or later, and we’re definitely not getting greedy here. We’re going to take our first profit now and move our stop loss to break even. If we decide to reenter with a second position, we’ll let you know with a new limit. For now, we’re just enjoying this setup and the profit. Let’s keep this going 🔥
NYSE:GOLDLong
by freeguy_by_wmc
Barrick Gold: 520% possible MoveMany traders believe that investing in a wide variety of assets is the best way to achieve optimal diversification. However, we disagree with this notion. It's the correlations that matter. Holding 20 tech stocks, for example, results in a high correlation among investments, offering little in terms of true diversification. Therefore, we're also looking at a gold mining stock, Barrick Gold Corporation. Although it's a Canadian company, we're analyzing it based on its performance on the New York Stock Exchange, as it provides a longer historical view. Contrary to other stocks, Barrick Gold presents a different picture. Since July 2020, there's been a significant decline, which is contrary to the overall market trend, indicating this stock moves inversely to the broader market. We're in Wave III, having concluded Wave II at $5.91. We expect to surpass the all-time high of $56 significantly. The Wave 2 of the subordinate Wave (3) has already concluded, and we didn't make an entry, as this was already completed at $13 on the daily chart. However, we've returned to this level and have now completed the smallest wave structure, also marking the end of a Wave (ii). We must not fall below this point, as it would indicate the subordinate Wave ((ii)) is incorrect. Additionally, falling below the $13 mark could potentially invalidate the entire scenario. We'll place our stop-loss below the 88.2% retracement level, as this represents our last plausible point for a market turn.
NYSE:GOLDLong
by stromm_by_wmc
Barrick Gold (GOLD): Major Upward Moves AheadBarrick Gold, NYSE:GOLD , a prominent mining corporation, has recently achieved a noteworthy milestone by reclaiming a critical trendline on the weekly chart and stabilizing between the 78.6% and 88.2% Fibonacci retracement levels. Our initial investment was strategically placed at $14.77, located within the highest volume area observed since 2008 according to the volume profile. This positioning suggests a strong foundation for potential growth. Should the gold price continue to rise and we surpass this high-volume area, Barrick Gold could experience a parabolic surge. This potential is amplified by the industry’s relatively small scale and the minimal capital required to significantly influence market dynamics. Our analysis indicates a robust support at the Wave 2 and minor Wave (ii) levels, consistent with our entry point (refer to the Daily Chart). Having successfully reclaimed this trendline, we are now anticipating a substantial upward trajectory with an immediate target of $55.95, correlated with a solid dividend yield of 2.2%. Currently, our position is optimized to maximize returns from these dividends. As we navigate through Wave II, our projections show a potential breakthrough beyond the $56 threshold, positioning Barrick Gold as a highly desirable investment option. With an optimistic projection of reaching up to $280 from our entry price and a calculated downside risk of only 20%—associated with the tail end of this significant volume cluster (standard normal distribution)—our strategy is well-poised for market success. At the dawn of trading today, the dynamics around our Level (ii) entry were crystal clear. We retested and successfully held above the subordinate trendline at the 78.6% retracement level. Furthermore, we have not only reclaimed a more significant trendline from the weekly chart at an elevated level but also breached and are currently retesting another key trendline at subordinate Level (i). It is critical for maintaining our bullish outlook on Barrick Gold that we stay above this advanced trendline. Since our entry, the stock has already appreciated by 20%. However, we are poised for even greater achievements and remain vigilant for further market developments. Expect an updated report from us as soon as additional data becomes available.
NYSE:GOLDLong
by freeguy_by_wmc
2
Barrick Gold Corp's Strategic Vision UnveiledBarrick Gold Corporation (NYSE: TVC:GOLD ) is leveraging strategic partnerships and robust financial foundations to navigate the ever-evolving landscape of the mining industry. Chairman John Thornton's resounding message, articulated in the 2024 Information Circular, underscores Barrick's transformation into a modern mining powerhouse with a steadfast commitment to sustainability and value creation. Reimagining Sustainability: Central to Barrick's ethos is its unwavering dedication to sustainability in every facet of its operations. Thornton's testament to Barrick's pioneering partnership philosophy exemplifies the company's profound impact beyond profits. Through initiatives like the revitalization of Tanzanian mines and the reconstitution of the Reko Diq project in Pakistan, Barrick not only drives economic growth but also fosters sustainable development within local communities. Strategic Ventures in the DRC: Barrick's collaboration with the government of the Democratic Republic of Congo (DRC) heralds a new chapter in the company's pursuit of gold and copper opportunities. At the helm of this endeavor is Kibali, Africa's largest gold mine, poised to spearhead another year of substantial value creation. Noteworthy is Barrick's commitment to nurturing local businesses and fostering sustainable growth, propelling the DRC's northeast region into an economic powerhouse. Renewable Energy Initiatives: Embracing the imperative of renewable energy, Barrick's transition towards sustainability extends to its operations at Kibali. With plans to commission a 16MW solar plant, Kibali is poised to elevate its renewable energy usage, signaling a paradigm shift towards eco-conscious mining practices. Financial Resilience and Growth: Barrick's financial resilience, once clouded by heavy debt, now stands as a testament to its strategic foresight. Bolstered by robust operational cash flows and a lean balance sheet, Barrick is primed to fund organic growth projects and capitalize on new opportunities that align with its stringent investment criteria. Charting a Course for Success: As Barrick navigates the intricate terrain of the mining industry, its strategic vision underpins a trajectory toward sustainable success. With a steadfast commitment to sustainability, strategic partnerships, and financial prudence, Barrick stands at the vanguard of the mining renaissance, poised to redefine industry norms and chart a course for enduring prosperity. Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Investors should conduct their own research.
NYSE:GOLDLong
by DEXWireNews
"Barrick Gold Corporation Faces Bearish Pressures"Barrick Gold Corporation Faces Bearish Pressures as Support Breaks Barrick Gold Corporation, a major player in the precious metals industry, is currently facing significant bearish pressures as it breaks support levels and forms a bearish pennant pattern to the downside. This development has raised concerns among investors, with the potential for a further downward spiral looming large. The recent downtrend in Barrick Gold's stock price has been underscored by the formation of a bearish pennant pattern, signaling a continuation of the prevailing downward trend. This pattern typically occurs after a sharp decline in price, followed by a period of consolidation, and is often seen as a precursor to further losses. Key support levels, particularly the $14 mark, are now being closely watched by traders. A break below this critical level could trigger a cascade of selling pressure, potentially sending Barrick Gold's stock into a freefall. Investors are advised to exercise caution and consider implementing risk management strategies to protect their portfolios in the event of such a scenario. While there is a slight possibility of a reversal in fortunes, indicated by a potential bounce out of the current pattern to the upside, the likelihood of this occurrence remains uncertain. Even in the event of a temporary rally, with the stock revisiting the $20 level, it would be prudent for investors to view this as a selling opportunity rather than a signal to buy. In conclusion, Barrick Gold Corporation is facing significant headwinds as it breaks support levels and forms a bearish pennant pattern to the downside. With the potential for further downside momentum, investors should exercise caution and consider taking appropriate action to mitigate risks. A break below $14 could signal a sharp decline in Barrick Gold's stock price, while any potential upside should be viewed as a selling opportunity.
NYSE:GOLDShort
by UnknownUnicorn2319099
GOLD Barrick Gold Corporation Options Ahead of EarningsIf you haven`t bought GOLD prior to the Double Top: Then analyzing the options chain and the chart patterns of GOLD Barrick Gold Corporation prior to the earnings report this week, I would consider purchasing the 16usd strike price Calls with an expiration date of 2023-9-15, for a premium of approximately $0.96. If these options prove to be profitable prior to the earnings release, I would sell at least half of them. Looking forward to read your opinion about it.
NYSE:GOLDLong
by TopgOptions
Barrick: Barrick Bears 🏉Ever heard of the Barrick Bears? They are a great team, which should help to push our primary scenario for Barrick. Currently, they have to fight against a little bullish counter reaction, but soon they should drag the share below the support at $12.65 and into the yellow zone between $11.97 and $6.32. There, wave (2) in yellow should end and therefore a fresh upwards movement should start. However, there is still a 25% chance for the Barrick Bulls to intervene. They could urge the share above the resistance at $22.80 and thus trigger further ascent.
NYSE:GOLD
by MarketIntel
Barrick: Dig Deeper! ⛏Barrick still has got heaps of digging operations to do. The share should continue the downwards movement it has started from the last high of wave (iv) in blue and drop below the support line at $12.65. Thereupon, Barrick should enter the yellow zone between $11.97 and $6.32 to develop wave (2) in yellow, whose low should then complete the overarching downwards trend and thus initiate fresh upwards movement. However, there is a 35% chance that Barrick could turn northwards earlier, climbing above the resistance at $22.80. In that case, the share should proceed and rise above $26.07 and $31.22 as well.
NYSE:GOLD
by MarketIntel
GOLD Barrick Gold Options Ahead of EarningsAfter we hit the 1st price target in the last chart: Now you should know that GOLD, Barrick Gold Corporation, is the usual suspect against the higher inflation numbers. Looking at the GOLD Barrick Gold options chain ahead of earnings , I would buy the $18 strike price Calls with 2023-3-17 expiration date for about $0.81 premium. If the options turn out to be profitable Before the earnings release, I would sell at least 50%. Looking forward to read your opinion about it.
NYSE:GOLDLong
by TopgOptions
SLV - Significant Upside over next six monthsSilver looks attractive. I was anticipating a three week test of the low, testing 17, but even with the Fed's remarks that aggressive interest rate hikes will continue, silver held its ground. Saw a piece yesterday on seasonality in precious metals prices. The author suggested that silver is seasonally strong from November through the end of February. The morning's market strength may indicate that it is expecting a weak jobs number. There seems to be strength across the board. Are we at peak interest rates? Long term buyers might consider GOLD PAAS and other producers who are incorporating variable dividends into their work plans. A turn in metals prices can result in significantly higher dividend payouts.
AMEX:SLVLong
by AssetDesign
1
Barrick: To the Beach ⛱The bears have grabbed Barrick and are dragging it along southwards to the warm and sandy beach strip between $11.97 and $6.32, which is seated picturesquely below the support at $12.65. Once there, though, there’s not too much time to relax but also work to be done: Barrick should finish the long-term corrective movement in the form of wave (2) in yellow. Afterwards, the bulls should take over so enthusiastically that the beach sand is swirled up and push Barrick northwards. However, there is a 35% chance that the bulls could intervene earlier already and shove Barrick above the resistance at $26.07, thus eliciting further ascent above the next mark at $31.22.
NYSE:GOLD
by MarketIntel
BARRICK GOLD - With Everything Selling whats Bullish?Today we take a look at Barrick GOLD #GOLD Within our private community we have been recommending BARRICK GOLD as a Long term buy Barrick GOLD is a mining company Technically we LOVE what we are seeing... Where do we start For starters we can clearly see a Bullish Head and Shoulders on the larger time Frame. To double the BULLISH sentiment Barrick GOlD offered us a BULLISH BULL FLAG right at the base of the Neck Line of the Bullish H&S Again... We have been POUNDING THE TABLE BUY on Barrick Gold at $20 and we continue to Scale into Barrick We also have amazing Volume data with each Pull down to suggest the Bears or sellers have dried up. Minimum Target on Barrick GOLD is back to $55 but we do see it make New All Time Highs (ATH) However from $20 we see a easy 250-350% move over the months/years to come. We love this Stock!
NYSE:GOLDLong
by Thecontrariandaily
Barrick Gold - Big Bearish Long Term Complete 180 view on Barrick Gold - See linked Idea We closed out Barrick Gold back at $25 and we have a new different perspective. Now we see it as a double top, head and shoulder with rising bearish wedge pattern as illustrated. All structure are pointing downwards taking Barrick Gold (Mining Stock) down to $3.25-$4 There may be another attempt at $30 to make another double top within the rising wedge bearish structure but we have no indicator of that as of today which can develop later. Macro view.. rather we retrace to 30 or not.. sub $5 over the next few years is looking like a very probable outcome. Conventionally we would think of this as an indicator the rest of the market (equities/crypto) would be bullish. However not in this case, there will be continue sell offs.
NYSE:GOLDShort
by Thecontrariandaily
1
Barrick to $12?Hello, Thanks for viewing. Let me start by saying that I am a big fan of Barrick but have been looking for an entry point for some time and now am sharing my view with everyone. Purely technical analysis based on a Elliot Wave. But simple, there was a big dip, partial retracement, and I expect this present dip to be about the same size in $ terms not percentage. If The first drop was wave A and the three wave retracement was wave B (it is a bit messy there) then we are in wave C down now. Wave C always has 5 waves (3 in the trend direction and 2 counter-trend sub-waves). Short term: bear, Short to med term (once that first target is met); weak bull up to $17 - 18 - if you are trader this will be a difficult area to trade in). Medium term' Bear; Down to sub-$14 possibly $12 or $11.XX This target was reached with multiple coincident mapping techniques: Fib extensions - 1.618 extension of wave 1 and a 1:1 extension of wave A. Wave 5 of wave C can be expected to be a similar size to wave 1. Also looked back at swing lows and highs from past price action to map support and resistance (17.50 - 17.30 WAS support in 2021 but is likely to act as resistance to a wave 4 (of wave C) pull-back (as mapped). I don't really do fundamental analysis, but Barrick - being a metals equity - represents leverage on the underlying commodity. Do gold dips 18% and Barrick dips approx 40%. General headwinds for equity markets with rising interest rates - unsustainable in my view. Next week the consensus is for a 0.75% interest rate hike which makes equities and gold (the commodity) less desirable to hold vs a reliable cash coupon. (Also unsustainable in my view if inflation is north of 8% and Treasuries return 4% that is still a negative 4% real yield). Crude oil (a major input into the production cost of mining) is elevated presently which squeezes Barrick's margins. Recent weakness in the gold, silver and copper commodity prices. Anyway, GOLD at $12 would be a screaming BUY. If it gets to that level... I could go on, but I have a something on.
NYSE:GOLDShort
by flyinkiwi10
1
Barrick Gold: Come on, Bears!The bears have already shown their potential regarding Barrick Gold and should continue to do so. We expect them to drag Barrick further down below the support line at $13.01, where wave (2) in yellow and thus the overarching downward movement should end. There remains a 35% chance, though, that the bulls could intervene and challenge the bears’ claim. This alternative scenario could come into play if Barrick rose above the resistance at $24.95 and would entail a continuation of the ascent above the next resistance lines at $29.59 and $31.22.
NYSE:GOLD
by MarketIntel