Long term perspective on Barrick Gold CorporationToday, we will speak about Barrick Gold Corporation :
Barrick Gold Corp. engages in the production and sale of gold and copper, as well as related activities such as exploration and mine development. It operates through the following segments: Barrick Nevada, Veladero, Pueblo Viejo, Lagunas Norte, Turquoise Ridge, Acacia, and Pascua-Lama. The company was founded by Peter D. Munk in 1983 and is headquartered in Toronto, Canada. (you can read this type of description on the right sidebar of your screen on Trading View.)
Technical Aspects:
-In April 2020, we saw a huge breakout of a major support/resistance zone that was working since 2013
-After the peak in August 2020, the price started consolidating since the current date
-Based on the price action we are observing, we expect an increase in the price of GOLD stocks as a consequence of an increase in Gold (spot) prices (Link in related ideas)
-It's important to say that the price has not broken the corrective pattern yet. However, we expect a bullish movement from current levels towards the higher trendline of the corrective pattern and maybe a clear breakout
-From there, we may see a correction on the edge of the corrective pattern above the corrective pattern. This type of behavior is pretty common after the breakout of a key area or structure
-Here, we will provide an image that you can use as a template to think about these Throwbacks (Re test of broken structures or levels)
- The conservative target we are looking for on GOLD is the first fibo extension at 1270
- Take into consideration that we are working on a Daily chart; this requires patience and time to see the price evolves (200 - 300 days towards the final target)
