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.
On Feb. 3, I said, “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 on to this premier gold miner for another major move up in the price of gold bullion.”
Even though our trading target has been reached, accumulation is picking up and a new trading signal (20-day moving average up through 200-day moving average) encourages us to stick with this position for a trade to $44 to $45.
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