This Gold Stock Looks Like a Bargain

Barrick Gold stock has been higher a month after the last four signals

Sep 15, 2017 at 3:05 PM
facebook X logo linkedin

With the major stock market indexes hitting record highs, demand for "safe havens" like gold have dipped this week. However, one gold stock is flashing a "buy" signal that hasn't been wrong the last four times: Barrick Gold Corp (USA) (NYSE:ABX). Below, we'll discuss why ABX stock looks like a bargain right now.

ABX stock has been in an upward channel since early July. The stock has pulled back since its most recent high in the $18.35 area, and is now within one standard deviation of its 40-day moving average, after a lengthy time above this trendline. According to Schaeffer's Senior Quantitative Analyst Rocky White, the last four times ABX stock retreated to this trendline, the shares were higher one month out 100% of the time, averaging a healthy gain of 9.37%!

Barrick Gold stock was last seen 0.8% higher on the day, at $17.27. Another 9.37% rally from current levels would put ABX around $18.88 -- a level that provided a foothold for ABX before its April bear gap.

barrick gold stock chart

Although Barrick Gold shares have outperformed the broader S&P 500 Index (SPX) over the past three months, there's still plenty of room aboard the bullish bandwagon. In fact, just four of 14 analysts consider the gold stock worthy of a "buy" or better rating. A round of upgrades could lure more buyers to the table, sending ABX shares even higher.


How to collect 1 dividend check every day for LIFE

Did you know you could collect 1 dividend check every day the market is open? You could also do it starting with just $605! For me, I'm collecting 70 dividend checks every quarter…which averages around 1.1 dividend checks every business day. There's no trading behind this... no penny stocks or high-risk investments. All you do is buy and hold and you're set. There's no set up required either. If you start buying the dividend stocks I show you today... you could collect 1 dividend per day starting as early as this week. Click here for all the details.