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Upgrade Alert for Barrick Gold (ABX)

By Amy Schwartz

Barrick Gold (NYSE:ABX) was upgraded from Buy to Conviction Buy at Goldman Sachs today. The stock closed yesterday at $21.11 on volume of 30.8 million shares, above average daily volume of 19.1 million.

Barrick Gold Corporation is an international gold company with operating mines and development projects in the United States, Canada, South America, Australia, and Africa.

Barrick Gold (NYSE:ABX) is currently priced 56.6% above its average consensus analyst price target of $9.17. The stock should find initial support at its 50-day moving average (MA) of $15.04 and further support at its 200-day MA of $9.69.

In the past 52 weeks, Barrick Gold share prices have been bracketed by a low of $5.91 and a high of $21.40 and closed yesterday at $21.11, 257% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.8% while the 200-day MA has risen 2.1%.

SmarTrend recommended that subscribers consider buying shares of Barrick Gold on June 3rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $18.62. Since that recommendation, shares of Barrick Gold have risen 10.0%. We continue to monitor ABX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Barrick Gold

Ticker(s): ABX