Chart of the Day: Is This Gold Mining Giant Headed for a Breakout?

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Last week, we cited the potential breakout in the SPDR Gold ETF. Today’s chart shows a similar pattern in miner Barrick Gold.

First, consider the series of lower highs since August 2020. Then notice how the price action Friday and today violated this downward trajectory.

Second is the rounded bottom around $18, which took shape in the fourth quarter. This suggests new support has emerged as the bearish trend fades.

Such a squeezing range may have reflected an equilibrium between buyers and …

For more, please click here to view the related idea and chart analysis on TradingView.

Barrick Gold (GOLD), daily chart with selected patterns and indicators, courtesy of TradingView.
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