Technical Insights for BARRICK GOLD CORP (NYSE:GOLD): Is a Breakout Imminent?

A possible breakout setup was detected on BARRICK GOLD CORP (NYSE:GOLD) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:GOLD.

In-Depth Technical Analysis of NYSE:GOLD

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Taking everything into account, GOLD scores 7 out of 10 in our technical rating. In the last year, GOLD was one of the better performers, but we do observe some doubts in the very recent evolution.

• The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
• Looking at the yearly performance, GOLD did better than 73% of all other stocks. We also observe that the gains produced by GOLD over the past year are nicely spread over this period.
• GOLD is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so GOLD is lagging the market slightly.
• GOLD is part of the Metals & Mining industry. There are 157 other stocks in this industry, GOLD did better than 64% of them.

Our latest full technical report of GOLD contains the most current technical analsysis.

Why is NYSE:GOLD a setup?

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NYSE:GOLD exhibits a 9 setup rating, indicating its consolidation status in recent days and weeks.

GOLD has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 20.62. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 19.66, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for GOLD in the last couple of days, which is a good sign.

Trading setups like NYSE:GOLD

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

More breakout setups can be found in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.