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Barrick Gold Struggles: Key Level Revealed

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April 16, 2013 – Comments (0) | RELATED TICKERS: ABX , GLD

Barrick Gold Struggles: Key Level Revealed

 

The price action in Barrick Gold Corporation (NYSE:ABX) is not great considering gold is bouncing today. Barrick Gold is trading at $19.64, -0.14 (-0.71%) while the SPDR Gold Trust (ETF) (NYSEARCA:GLD) is trading at $133.39, +2.08 (1.58%).

The weakness in Barrick stems from a recent downgrade as well as a downside target that is drawing the current stock price like a magnet. This level is at $17.27 and is the low from 2008. While the stock may see short term bounces, it is likely headed to that double bottom before a major technical bounce.

Gareth Soloway
InTheMoneyStocks.com

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