Barrick.

Company Overview.

Barrick (NYSE:GOLD) has gold and copper mining operations and projects in 13 countries in North and South America, Africa, Papua New Guinea and Saudi Arabia. Our diversified portfolio spans many of the world’s prolific gold districts and is focused on high-margin, long-life assets.

The company’s shares trade on the New York Stock Exchange under the symbol GOLD, and on the Toronto Stock Exchange under the symbol ABX.

Is GOLD a good pick?

Barrick(GOLD) has the largest gold mine in the world located in Nebraska with a production of 3.5 million Oz. Its last quarterly report on November 4th was regular, but there was a very interesting progress in different projects that give a great potential to the preservation of the Business in the long term.

Another point to consider is that we are in a panic stage in the market due to the COVID-19 issue, with inflation at 20 year record levels and the FED planning to raise interest rates in the next year. All this scenario is favorable for safe haven assets, Barrick is one of these assets and we can look for attractive revaluations in the share price in the medium term.

Technical Analysis.

Since the month of May, GOLD started a downtrend, but last October, the RSI indicated an oversold price and the MACD crossed the signal line and the price started a trend change that has been respected until today, the price is above the first resistance of the Fibonacci ratio and we can see a small consolidation point to gain momentum and try to reach $22 per share, which is +15% if we open a position at $19.28.