Barrick Gold Is Close to Resistance

Published on Friday, 28 December 2012 06:00 Written by TradersHuddle Wire

New York, December 28th (TradersHuddle.com) - Shares of Barrick Gold Corporation (NYSE:ABX) are trading very close to calculated resistance at $35.53. The stock ended the trading session at just $34.26, which is near levels that make it difficult to buy or start a position.

Barrick Gold Corporation (NYSE:ABX) is an international gold company with operating mines and development projects in the United States, Canada, South America, Australia, and Africa.

Barrick Gold's stock range is defined by its calculated support defined at $32.81 and by the resistance level at $35.53; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.

Traders don't have a clear entry point for Barrick Gold. However, as the stock pulls back towards $32.81 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $35.53 then traders will get an opportunity to enter the stock as it moves to a higher range.