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Friday, June 18, 2010

Barrick (NYSE:ABX) Closing in on 52-Week High

A consistent performer among gold miners, Barrick Gold (NYSE:ABX) (TSE:ABX) is closing in on its 52-week high, as rising gold prices are helping pull gold mining companies up with it.

The 52-week high of Barrick is $48.02, reaching that level in the early part of December. Friday the giant gold miner closed the session at $46.09, an increase of 2.8 percent.

As gold prices continue to rise, Barrick will break through the resistance and probably run into the low $50 a share and find support there.

Even in the midst of several gold corrections throughout the last several months, Barrick has been able to remain pretty steady, and hasn't swung that much in contrast to other gold miners, although in the latter part of March they did drop to around $37 a share.

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