Barrick Mining Rises 1.18% to $21.37 Amid Golden Cross Formation

Barrick Mining shares advanced 1.18% during the most recent session to $21.37, extending gains to 1.28% over two consecutive trading days. This upward movement follows a test of critical support levels and occurs amidst evolving technical signals across multiple indicators.
Candlestick Theory
Price action reveals a notable support level near $20.95, where bears failed to extend declines during the July 30-31 sessions despite intraday probes lower. The subsequent rebound highlights buyer presence at this level. Resistance now emerges around the $21.90-$21.95 zone, which capped advances in late July. The August 1 session closed near the midpoint of its range ($21.125-$21.57), indicating indecision after the rally.
Moving Average Theory
The current price resides above both the 50-day ($20.80) and 200-day ($20.40) moving averages, suggesting an established intermediate-term uptrend. Of greater significance, the 50-day MA recently crossed bullishly above the 200-day MA—a "golden cross" formation historically associated with sustained upward momentum. The shorter 20-day MA ($21.15) slopes upward beneath the price, reinforcing near-term strength.
MACD & KDJ Indicators
MACD (12,26,9) exhibits constructive positioning, with the MACD line holding above its signal line in positive territory and the histogram printing consecutive rising bars. This configuration indicates strengthening bullish momentum. The KDJ oscillator registers at K:42/D:38/J:50, retreating from near-overbought territory (K previously >70 in mid-July) while maintaining its primary uptrend. Neither indicator currently flags exhaustion signals.
Bollinger Bands
Price resides near the upper half of the bands ($20.45-$21.85), with the 20-day SMA midline at $21.15 providing immediate support. Bandwidth expansion during the rally signals increased directional conviction. The $21.85 upper band aligns closely with the multi-week resistance zone, potentially capping further gains in the near term unless volume amplifies.
Volume-Price Relationship
The 16% lower volume during the most recent advance compared to the prior session raises questions about sustainability. Notable accumulation occurred during key support tests (July 28-31 volumes averaged 11.2M shares), but follow-through volume remains suboptimal. This negative divergence warrants monitoring, as breakouts above $21.90 require volume expansion beyond the 20-day average of 12.5M shares for validation.
Relative Strength Index (RSI)
At 58.3 (14-day period), RSI reflects balanced momentum—above the neutral 50 level but well below the 70 overbought threshold. The indicator has room for further upside before signaling excessive optimism, though traders should note that prior reversals near $21.90 corresponded with RSI readings above 65. Average gain/loss calculations show improving momentum but no extreme readings.
Fibonacci Retracement
Applying Fib levels to the July 23 high ($21.95) and July 31 low ($20.945) reveals key technical thresholds: the 50% retracement ($21.45) was breached intraday on August 1, while the 61.8% level ($21.57) capped the session high. This aligns precisely with horizontal resistance, creating a technical confluence zone. Sustained trade above $21.60 would signal bullish continuation toward the July highs.
Multi-indicator confluence occurs at the $21.55-$21.60 area, where Fibonacci resistance, Bollinger Band resistance, and prior price peaks converge—making this a critical test for bulls. A notable divergence exists between price strength and lagging volume expansion, suggesting cautious optimism. Should Barrick Mining overcome the $21.90 resistance with volume confirmation, the technical structure would support continuation toward $22.50. Conversely, failure to hold above the 20-day MA ($21.15) could trigger consolidation toward the 50-day/200-day support cluster near $20.80.