Barrick Gold stock price up 2.09% on Monday
(Updated on Nov 27, 2023)
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The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $16.92 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Barrick Gold stock with a 90% probability to be traded between $14.29 and $16.99 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
GOLD Signals & Forecast
Mostly positive signals in the chart today. The Barrick Gold stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $16.09 and $15.94. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, November 13, 2023, and so far it has risen 9.52%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Barrick Gold stock
Barrick Gold finds support from accumulated volume at $16.42 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.355 between high and low, or 2.17%. For the last week, the stock has had daily average volatility of 1.90%.
Our recommended stop-loss: $15.92 (-3.92%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (GOLD) For The Upcoming Trading Day Of Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect Barrick Gold Corporation to open at $16.53, and during the day (based on 14 day Average True Range), to move between $16.17 and $16.97, which gives a possible trading interval of +/-$0.403 (+/-2.43%) up or down from last closing price. If Barrick Gold Corporation takes out the full calculated possible swing range there will be an estimated 4.87% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $16.58 (0.06%) than the support at $16.42 (0.91%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Barrick Gold Corporation stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Barrick Gold stock to perform well in the short-term period.
Current score: 4.378 Open Broker AccountBuy Candidate Unchanged
Predicted Opening Price for Barrick Gold Corporation of Tuesday, November 28, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price November 28, 2023||Current price|
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Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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