Barrick Gold Corporation to $3

BATS:GOLD   Barrick Gold Corporation
On 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.

Gold / miner bearish divergence


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Allow 3-6 months on ideas. Not investment advice. DYOR

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