Barrick Gold is Near a Key Support Area

Published on Wednesday, 30 January 2013 06:44 Written by TradersHuddle Wire

New York, January 30th (TradersHuddle.com) - Shares of Barrick Gold Corporation (NYSE:ABX) ended the trading session close to calculated support at $32.44, a level that will raise the attention of traders looking for an entry point.

Barrick Gold's stock range is defined by its calculated support defined at $32.44 and by the resistance level at $35.06. This range could be used as a reference by traders planning their next move. The area where buyer interest might materialize is defined as calculated support. Stocks trading near support might see upside if it can successfully hold the technical level. However, this area if breached will signal participants that the stock failed to entice buyers to step in to support it.

Traders wanting to establish a position should pay close attention to Barrick Gold's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $35.06 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.

Shares of Barrick Gold Corporation closed at $32.83 in the prior trading session.

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.