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Upgrade Alert for Barrick Gold (ABX)

By David Diaz

Barrick Gold (NYSE:ABX) was upgraded from Hold to Buy at Canaccord Genuity today. The stock closed yesterday at $21.27 on volume of 18.0 million shares, below average daily volume of 19.1 million.

Barrick Gold (NYSE:ABX) is currently priced 56.9% above its average consensus analyst price target of $9.17. The stock should discover initial support at its 50-day moving average (MA) of $15.04 and subsequent support at its 200-day MA of $9.69.

Barrick Gold share prices have moved between a 52-week high of $23.47 and a 52-week low of $5.91 and closed yesterday at 260% above that low price at $21.27 per share. Over the past week, the 200-day moving average (MA) has gone up 2.1% while the 50-day MA has advanced 2.8%.

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

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 14.7%. 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