Barrick Gold Corp. (ABX) — This acquirer, explorer and developer of gold, copper, silver and zinc, has pulled back from an annual high and may have double-bottomed at just under $35.
We have been following ABX all year with the latest comment on Dec. 21, at just under $40. Rather than stabilizing at $40, in response to a higher U.S. dollar, ABX fell to just below its 200-day moving average.
Now at around $36, this correction gives us another opportunity to trade Barrick for at least 4 points to $40.
Longer-term investors may want to hold onto this premier gold miner for another major move up in the price of gold bullion.
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