by Sam Collins 05/21/08
Barrick Gold Corp. (ABX) -- This gold-mining company, with operations in Canada, the United States, Dominican Republic, Australia, Papua, New Guinea, Peru, Chile, Argentina, South Africa, and Tanzania, has been a steady performer in a volatile market.
The Trade of the Day first recommended ABX in 2006, when the stock was under $30 a share. Since then, it has moved in pace with the price of gold bullion. In February and March, ABX formed a triple-top at $54 but then fell to almost $37.
Now, however, with the price of gold in recovery, the stock may break through the resistance at the 50- and 200-day moving averages and make a quick run to $48 to $50. Longer term, it will track gold and, if the metals break to new highs, so should ABX.
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