Barrick Gold Preps For Q2 Earnings: Will It Unearth Bullish Prospects?

Barrick Gold Corp GOLD will be reporting its second-quarter earnings on Monday. Wall Street expects 27 cents in EPS and $3.1 billion in revenues as the company reports after market hours.

The stock is up 5.41% over the past year, but down 4.15% YTD.

Let’s look at what the charts indicate for Barrick Gold stock, and how the stock currently maps against Wall Street estimates.

Barrick Gold’s Near-Term Is Bearish Ahead Of Q2 Earnings 

Barrick Gold stock is currently experiencing a strongly bearish trend, as indicated by its share price being below the 5, 20, and 50-day exponential moving averages (EMAs).

Chart created using Benzinga Pro

The stock price of $17.34 falls short of the 8-day simple moving average (SMA) of $17.69, signaling a bearish stance. Similarly, the 20-day SMA stands at $18.12, further reinforcing the bearish sentiment.

Interestingly, the stock’s price aligns exactly with the 50-day SMA of $17.34, which technically remains a bearish indicator. However, the 200-day SMA sits at $16.64, presenting a bullish signal given the stock’s current price of $17.34.

Chart created using Benzinga Pro

The Moving Average Convergence Divergence indicator at minus 0.05 suggests a bearish outlook for Barrick Gold stock.

On a more positive note, the Relative Strength Index (RSI) is at 45.78, indicating that while the stock is not yet oversold, it is approaching levels where buying interest may increase, potentially sparking bullish movement.

Additionally, the Bollinger Bands (25) range of $16.87 to $19.17 suggests that the stock is poised for a bullish breakout. Despite the prevailing bearish indicators, the combination of buying pressure and certain technical signals may support a future bullish trajectory for Barrick Gold.

Read Also: Major Gold Miners’ Plans For Cash From Record Gold Prices Set To Be Hot Topic This Earnings Season

Barrick Gold Analysts Are Optimistic And See Upside

Ratings & Consensus Estimates: The consensus analyst rating on Barrick Gold stock stands at Outperform with a price target of $23. However, analysts from Jefferies, CIBC, and BMO Capital, who recently rated Barrick Gold stock, have an average price target of $25.33, implying a 45.85% upside.

GOLD Price Action: Barrick Gold stock closed 3.15% higher on Thursday at $17.34.

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