Barrick Gold (GOLD): Surprise from Warren Buffett
George Lam August 18, 2020 3:06 AM
Barrick Gold surged 11.6% on Monday as Warren Buffett built a new stake in the company...
Barrick Gold (GOLD), the world's largest gold miner, surged 11.6% on Monday, after a regulatory filing showed that Warren Buffett's Berkshire Hathaway has acquired 1.2% of the company's outstanding share, or 20.9 million shares, in the second quarter. This action surprised investors as he showed little interest in gold-related investments in the past.
On a daily chart, Barrick Gold keeps its bullish momentum as it is supported by a rising trend line drawn from April. In fact, it has confirmed a bullish island reversal pattern. The level at $27.00 might be considered as the nearest support, while the 1st and 2nd resistances are likely to be located at $32.40 and $34.80 respectively. Alternatively, a break below $27.00 might suggest that the next support at 24.40 would be challenged.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.