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BARRICK GOLD CORPORATIONBARRICK GOLD CORPORATIONBARRICK GOLD CORPORATION

BARRICK GOLD CORPORATION

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ABR trade ideas

Bullish on BarrickYeah so, my purchases of GOLD in the past few years haven't tracked the gold price very closely. As leverage on physical gold it hasn't been such a good pick. However, I am seeing some signs of a change in price-action. Daily RSI is showing higher lows, while price is testing everyone's patience :) making lower lows. Normally hints at a change in direction is coming up. If we get a lower low in price, but the RSI level fails to dip below the 30 level, see that as confirmation. May or may not get it. On the fundamental side; - Physical gold is way up and predicted by analysts to hit USD3000/Oz in 2025 - pretty bullish. - GOLD's cost of production have increased significantly in the past few years, I hope they have or get a handle on that. But the present all-in cost is about (USD1320 - 1420/Oz) 1/2 of the current gold price level, leaving a decent profit margin. - Annual report due in Feb 2025, quarterly performance shows steady quarter-on-quarter growth and consistent profitability. - Earnings forecast for Q4 is about 50% above Q3 which should make 2024 a strong one. - Seem to be well placed coming into 2025. Will probably add more exposure to GOLD in the next month. If $15.45 doesn't hold. Targeting $13.75 and $12.20 based on support. Happy if it goes down, happy if it goes up.
NYSE:GOLDLong
by flyinkiwi10
GOLD - Falling Wedge ABCD PatternGOLD has broken down from bearish rectangular consolidation. Prior to bearish rectangle, a falling wedge was formed from recent highs. Now it seems falling wedge is part of ABCD pattern, which means there is one more leg downwards to go. In ABCD pattern, the size of the second move downwards is very much the same as first move (either in $ or % terms). The projected price of completion of this falling wedge with ABCD pattern is between 14 and 14.50 because this coincides with: - a number of trendlines and major support zone from Weekly timeframe meet between 14 and 15 - gap fill is at 14.66 Also, if we look at price range of first wedge pattern drop, it was about 22% (from point A to B). With the formation of ABCD, the second wedge pattern price drop is also likely to be about 22% from point C to D of ABCD pattern. Price is below SMA 20, 50 and 200 Buy around 14.50
NYSE:GOLD
by I_M_Shoaib
Barrick Gold Corporation to $3On the above 2 month chart price action has enjoyed a 340% rally from the $7 lows of 2016. A number of reasons now exist to take a bearish outlook. 1) Broken market structure printed in 2013. Confirmation of broken structure printed recently in March 2022 (yellow arrow). 2) Trend reversal. Lower high replaces higher high. 3) The rising flag pattern is undoubtably bearish for price action. The breakout printed on March 1st, the confirmation on May 1st. The flagpole extension measures out to 2 dollars and 50 cents. Barrick Gold is undoubtedly recognised as one of the leading Gold miners out there with interests across the world. Gold enthusiasts are quick to point out the relationship between miners and advancing gold price action. That relationship now prints a significant bearish divergence (2 month chart below). I’ve discussed this in more detail on my website. Is it possible Price action continues upwards? Sure. Is it probable? No. Ww Gold / miner bearish divergence
NYSE:GOLDShort
by without_worries
25
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
$GOLD is heading to $27; lagging behind #Gold.My thought process; I purchased 10/18 $24calls and I will be selling at $27 (most likely) next week. This is following (lagging) the commodity Gold that is heading towards its 2nd fibonacci target (similar to TVC:GOLD ’s $27 one) indicating TVC:GOLD will follow shortly. The TTM squeeze on the 2 hour is just 1 indicator this is ready to blow. My fibonacci .38 retracement zone method is continuously proven to be one of the best methods I ever learned. See you at 27. As always; have a stop loss for worst case scenarios.
NYSE:GOLDLong
by TradingBangersDaily
2
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 Beats Q2 2024 Earnings Expectations Stock up 4.48%Canada's Barrick Gold Corp (NYSE: TVC:GOLD ), one of the world's largest gold miners, has once again proven its resilience and operational strength, delivering impressive Q2 2024 results that surpassed market expectations. In a period marked by economic uncertainty and fluctuating commodity prices, Barrick's strategic focus on efficient production and cost management has positioned it as a standout performer in the mining sector. Q2 2024 Earnings Beat Expectations Barrick reported non-GAAP earnings per share (EPS) of $0.32 for Q2 2024, exceeding analyst estimates by $0.05. This earnings surprise of 23.08% highlights the company’s ability to navigate a complex market environment successfully. With revenues of $3.16 billion, Barrick achieved an 11.7% year-over-year increase, driven by robust gold production and favorable market conditions. Operational Excellence and Strategic Focus During the quarter, Barrick produced 948,000 ounces of gold, significantly higher than the estimated 905,800 ounces. This was achieved at an all-in sustaining cost (AISC) of $1,498 per ounce, reflecting the company’s effective cost management strategies. Barrick’s focus on high-value projects and operational efficiency has paid off, with operating cash flow surging by 53% from the previous quarter to $1.16 billion, and free cash flow reaching $340 million—up over 400% year-over-year. Barrick reaffirmed its full-year gold production guidance of 3.9 to 4.3 million ounces, aligning with its strategy to optimize operations while expanding production capacity. Notable projects like the Goldrush mine in Nevada and the Reko Diq project in Pakistan are central to this expansion, with the latter expected to significantly boost both copper and gold outputs in the coming years. Gold Market Tailwinds The global gold market has provided a significant tailwind for Barrick, with gold prices reaching new highs above $2,500 per ounce. The anticipation of potential interest rate cuts by the Federal Reserve, coupled with ongoing geopolitical uncertainties, has enhanced gold’s appeal as a safe-haven asset. This surge in gold prices has been a key factor in Barrick’s Q2 success. Analysts, including those at Citi, project that gold prices could climb even higher, potentially reaching $3,000 per ounce. This would further benefit Barrick, whose financial strength and operational efficiency are well-aligned with the current market environment. Advancements in Copper and Diversification Beyond gold, Barrick is making significant strides in its copper business, which is increasingly important for diversification and stability. The Lumwana super pit expansion in Zambia and the Reko Diq project are expected to significantly boost Barrick’s copper production. These projects are crucial as global demand for copper continues to rise, driven by the energy transition and infrastructure developments worldwide. The Lumwana expansion aims to increase production from 130,000 to 240,000 tonnes annually, while the Reko Diq project targets an output of 400,000 tonnes of copper and 500,000 ounces of gold per year. These initiatives not only strengthen Barrick’s revenue streams but also position the company to capitalize on the growing demand for copper, further enhancing its market position. Technical Outlook: Rangebound but Promising Despite the operational achievements of Barrick and the flourishing gold market, the stock has exhibited a persistent range between $14 and $20.3 since the onset of 2023. Despite the surge in gold prices, Barrick’s stock has not yet surpassed this range, indicating the influence of broader market dynamics and investor sentiment. At the time of writing, Barrick Gold stock ( TVC:GOLD ) has seen a 2.92% increase in premarket trading on Monday, significantly surpassing the support point. For bullish investors, the current levels below $18 may present a buying opportunity, particularly if the stock manages to close above the $20.3 mark on a weekly basis. Conversely, bearish traders might consider shorting the stock near $20, with a tight stop loss at $20.46 and a profit target around $15. Looking Ahead Barrick’s Q2 2024 performance underscores its resilience and strategic acumen in a challenging market environment. The company’s strong operational results, combined with the favorable outlook for gold and copper, suggest that Barrick is well-positioned to continue delivering value to its shareholders. As the gold market remains buoyant and copper demand grows, Barrick’s diversified portfolio and focus on high-value projects will be key drivers of its future success. Investors should keep a close eye on Barrick’s developments, especially as it continues to execute its expansion plans and navigate the complexities of the global commodities market. With its solid financial footing and a clear strategic vision, Barrick Gold remains a formidable player in the mining industry.
NYSE:GOLDLong
by DEXWireNews
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