Gold Miners Keep Backing And Filling, Watch This Level For Barrick Gold
Most of the leading gold mining stocks have been trending sideways since August 2020. A case can be made that this is simply a consolidation pattern that is forming on the larger time frame charts. Earlier this year, gold and gold mining stocks surged from the March lows and look to be stalling out right now.
Barrick Gold Corp (GOLD) is a leading gold mining stock that I have been following closely. The stock peaked out on August 18th, 2020 at 431.22 a share. Since that high pivot, the shares have been steadily declining and currently trade at $26.03 a share. The stock has now fallen below its important 50-day moving average. This puts the stock in a weak technical position on the charts. Barrick Gold Corp (GOLD) should have major support around the $22.50 level. This level is where the stock broke out in early June 2020. It is also where the stock has a major retrace level from the March lows. This tells me that this support area should present an excellent risk/reward long trade opportunity.
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