Barrick Gold (GOLD): Surprise from Warren Buffett

Barrick Gold surged 11.6% on Monday as Warren Buffett built a new stake in the company...

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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.

Source: TradingView, Gain Capital

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