Like most Gold miners, Barrick Gold (ABX) is struggling, settling lower for a fifth consecutive day, -0.4% at $16.50. Near term outlook is bearish to the 50dma at $16.20. Mid term outlook only turns bullish with price action >$19.00.
Barrick Gold is unquestionably one of, if not, the best gold miner out there. Yet.. gold and silver prices remain broadly weak, and that is keeping the stock subdued.
The cautious will wait to chase ABX until a sig' break higher. Seen on the daily chart, the $19.00 threshold... or via the monthly chart, a monthly close >$20.00. The latter looks out of range within the near term, as Gold and Silver remain choppy, and well below the summer 2016 highs.
The infamous 'gold bugs' can only get confident of hyper upside, if Gold >$1400, Silver >$22s, Copper >$3.00, and ABX >$23.33.
Right now, only the copper target/threshold looks viable within the near term.