7-Year Highs Just Within Barrick Gold Stock's Reach

The equity sports a 76.7% year-to-date lead

Digital Content Manager
Sep 10, 2020 at 10:34 AM
facebook X logo linkedin

Earlier this week, we covered Wheaton Precious Metals (WPM), highlighting an intriguing buying opportunity for options bulls. Today, we'll be shifting our attention to another mining sector-member with an interesting technical setup on the charts, Barrick Gold Corp (NYSE:GOLD). The stock has enjoyed an impressive run higher, grabbing a seven-year high of $31.22 on Aug. 18. While the equity has spent most of its time since then consolidating just beneath the $30 mark, the stock broke north of that level yesterday, even if it is down 0.3% at $30.37 at last check. 

What's more, GOLD just pulled back to its 40-day moving average, which has proved bullish for the security in the past. In fact, according to a study from Schaeffer's Senior Quantitative Analyst Rocky White, five similar signals have flashed for GOLD in the past three years. After 75% of these signals, Barrick Gold stock was higher, averaging a jump of 6.6%. With the security already within a chip-shot of its August high, a similar move would put GOLD well above this landmark, near the $33 level. 

GOLD Chart Sept 10

Barrick Gold could benefit from a round of analyst upgrades too, considering its impressive 76.7% year-to-date lead. Four analysts still say "hold," compared to nine calling it a "buy" or better. Plus, the 12-month consensus price target of $32.63 is a slim 6.7% premium to current levels. 

Similarly to Wheaton Precious Metals, Barrick Gold options can be had at a relative bargain right now. The stock's Schaeffer's Volatility Index (SVI) of 46% stands higher than just 24% of readings from the past year. This suggests option traders are pricing in lower-than-normal volatility expectations at the moment. 


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI