GOLD: a trading idea for 26/09/2023

BATS:GOLD   Barrick Gold Corporation
Analysts at the Ameriprise Financial Inc. investment firm note that there is no correlation between the dynamics of gold prices and the interest rates set by the world's leading central banks. These indicators are currently at their highest levels since the 2008 crisis.

However, gold prices are still near their all-time highs, which suggests that large institutional investors may be anticipating rising inflation and a recession in the US economy. In addition, various central banks are actively buying gold to increase their reserves.

Considering these developments, it is interesting to look at the performance of gold mining companies. Today, our focus is on the Barrick Gold Corporation chart (NYSE: GOLD), which operates precious metal mines in 13 countries worldwide.

On the D1 timeframe, resistance has formed at 16.81, with support at 15.91 which was broken through on Monday 25 September 2023, and a new support level has not yet been established. There is also a clear downward trend on the H1 timeframe. The price can increase to 16.55 in the short term and to 19.45 in the medium term.

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