Barrick Gold Corporation (NYSE:ABX) is trading at $43.35 as I write, and traders are hesitant with the company as the support level of $41.63 has been surpassed, and most aren't going to go long with them far beyond that support level.
It's also unclear what the entry point for traders in Barrick should be, so most will stay on the sidelines until that all straightens out. The share price has moved up and down so far throughout the day.
Of course this isn't that relevant to investors for the long term, but for those moving in and out of the market, they'll have to wait.
If Barrick is able to break out, then it could start to soar, and that's what most traders are waiting to see.
Friday, May 7, 2010
Barrick Gold (NYSE:ABX) Trading and Resistance
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Gold for immediate delivery fell as much as 1 percent to $1,196.10 an ounce, before trading at $1,197. The metal reached $1,213.07, the highest level, after equities in Europe and the U.S. extended declines on concern policy makers weren’t working fast enough to prevent debt problems spreading.
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