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BARRICK GOLD CORPORATION

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GOLD/N trade ideas

$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 (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 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 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
18
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 for a short playBought on March 11-13 and currently up. A one month play I am learning to take longer outlook trades s as not to lose my shirt. So are up about $260 Canadian. I think I will exit shortly. Some news happening around the fear causing war. Sometimes fear causes me to jump in deeper when the pack is running. I love a good short though. None the less I think the profitability is there. Listed as a strong buy by many coveted investors. Which is what makes me want to get out. Plus I think its a long play if you want to make more. I want some short term ramp ups.
TSX:ABX
by ravenforager
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 $GOLD | On The RadarToday on the radar, Barrick Gold Barrick Gold has attracted some attention as major investors, including recently the notable Stanley Druckenmiller, have taken significant positions. With these influential players entering the fray, while the gold market experiencing remarkable momentum, the question emerges: Is this the right moment to buy? Well, let's dive on it and look at some fundemantals, some metrics and some technicals. The fundemantals Gold has exhibited remarkable resilience, maintaining stability despite the backdrop of high interest rates. It has remained relatively stable around the $2000 level for some time now and recently experienced a notable surge in momentum. Meanwhile, the mining sector has faced challenges and has been trading at discounted levels. This disparity may suggest a lag in market perception, particularly regarding the potential for a flight to safety and subsequently, a shift towards safety asset producers. The world economy is hitting a rough patch, with recessions popping up globally. While the U.S. is trying for a soft landing and celebrating record-high stock markets, there are some conflicting signs from key economic indicators. This divergence might resolve soon, depending on how things pan out in the real economy, possibly prompting a move towards safer assets. Add the fact that central banks globally are bullish on gold, and the BRICS nations are also showing a keen interest, aligning with the broader trend of moving away from the dollar. So, with gold demand on the upswing, and considering the mining sector's relative underperformance compared to the gold price, there seems to be a noteworthy opportunity for those looking to go long on both gold and the mining industry. The metrics Now, let's explore some metrics to determine if this company is fairly valued, discounted, or possibly overpriced. Right from the start, Barrick Gold stands out among mining companies for its exceptionally clean balance sheet. They have great cashflow, manage their debt and liabilities quite well, which could be one of the reasons drawing significant interest from big and famous investors. Notably, the company consistently beats expectations. Price/Earnings Ratios: Trailing P/E: 22.04 Forward P/E: 18.05 The forward P/E is lower than the trailing P/E, indicating that the market expects future earnings growth. The P/E ratios suggest a moderate valuation compared to the company's earnings. Price/Sales and Price/Book Ratios: Price/Sales: 2.44 Price/Book: 1.19 Both ratios suggest relatively low valuation compared to sales and book value. However, the interpretation should consider industry benchmarks and historical values. Profitability Margins: Profit Margin: 11.16% Operating Margin: 13.08% The company has healthy profit margins, indicating efficient operations. Liquidity and Solvency: Current Ratio: 3.16 Total Debt/Equity: 16.32% The company has a strong current ratio, suggesting good short-term liquidity. The debt/equity ratio is moderate, indicating a balanced capital structure. Growth and Financial Performance: Revenue Growth (yoy): 10.30% Quarterly Earnings Growth: Not available Positive revenue growth is a good sign, but it's important to consider the earnings growth trend. Cash Flow: Operating Cash Flow: $3.73 billion Levered Free Cash Flow: $675.75 million The company generates healthy operating and free cash flows. In summary, the stock seems to have reasonable valuation metrics, strong profitability margins, positive revenue growth, and healthy liquidity. Compared to some peers, Barrick Gold appears to trade at a slight discount. Over the past year, there have been noteworthy insider transactions involving both selling and buying activities. However, it is particularly noteworthy that the board of directors has recently engaged in a substantial buying spree. This prompts the question: What insights are they uncovering? The Technicals Now, let's delve into some technical analysis—the very reason we're all here and appreciate TradingView. Firstly, we're entering a week filled with significant economic data releases. Additionally, the gold market has experienced a prolonged uptrend. This is certainly a factor to keep in mind in the upcoming days/week, as increased volatility and potential corrections may manifest. Bearing this in consideration, let's explore how we can reflect these dynamics on the chart. Examining the daily chart over the past 1.5 years and scrutinizing the price structure, a distinct pattern emerges. Following a decline from $25, the price has exhibited a wide-ranging behavior. Notably, it consistently rebounds from the $14 range, suggesting a possible floor or bottom. Taking a more extensive view, this aligns with a monthly/yearly support level. The overarching support, coupled with daily resistance, hints at a potential continuation of ranging price action, possibly leading to a convergence or apex point. In such a scenario, there could be multiple buying opportunities in the coming months, facilitating the accumulation of a robust long position—unless a market shift and strong momentum occur. Examining the daily chart closely reveals a well-defined descending channel without a distinct apex for reference. Despite the recent breach of prior lows, it's crucial to interpret this cautiously, as breaking one low doesn't automatically signal immediate concerns, especially when the price remains above the monthly low. It could be indicative of a failed breakout. In the event of a market correction this week, these price levels might actually serve as a reliable range for initiating long positions, with a carefully placed tight stop around the $13 range. A tool I find particularly useful is the fixed volume profile, which proves valuable in identifying specific price ranges characterized by high volume. This method unveils potential breakout zones, support and resistance levels, and even target zones. I typically overlay these profiles onto specific structures, such as from top to top or bottom to top, to gain a more insightful perspective on volume distribution within the structure. A noteworthy observation is the concentration of the highest volume around the $16.50 range. In my approach, a breach of this level, followed by a potential bounce and continuation, could provide valuable insights into the prevailing momentum. A correlation exists with the recent Point of Control (POC) and some previous lows in this range, making it a potential local bounce zone worth monitoring. Beyond this point, significant price zones to consider include the $17.50 range and the $19 range. The latter could serve as a conservative initial target, and subsequent analysis of the broader circumstances will help determine if the price can break away, potentially sparking a major rally. If we manage to capitalize on a correction and enter at a lower current price, achieving a buy-in below the $15 range, could yield a 25% return on investment (ROI) or potentially even more, depending on market conditions. Observing the regular volume, there's a noticeable dip that occurred last year, particularly during the summertime. While this dip isn't particularly surprising or highly meaningful, what stands out is the consistent increase in the daily average volume. Another indicator I find valuable is the Hull, essentially an alternative moving average. It's currently on the verge of crossing and transitioning to green on the daily chart. While this doesn't carry significant weight on its own, it can certainly contribute to the decision-making process. Even if the crossing occurs and the indicator turns green, the price may still experience a pullback. The intriguing aspect will be observing the depth of the correction and whether the price manages to sustain the indicators in the green zone. Ideally, a bounce on the indicator could signal a retention of upside momentum. It's crucial to note that technical analysis involves a significant degree of subjectivity. The paths indicated on the chart with the blue dotted lines are not predictions; instead, they represent favorable scenarios to monitor. The outcome will hinge on various scenarios and how they unfold. Despite the inherent subjectivity, the fundamentals are sound, the metrics and ratios look promising and momentum seems to be evolving. And as always, please remember that this analysis is for informational and recreational purposes only. It does not constitute financial advice. Draw your own conclusions based on your assessment.
NYSE:GOLDLong
by GoldvalleyCap