Barrick Mining Corp (B) shares slid Monday as precious metal stocks caught their breath after an absolutely bonkers rally. Sometimes when things go up a lot, they need to take a nap.
The Setup
Gold has been on a tear that would make any miner blush. The SPDR Gold Trust (GLD) and spot prices smashed through all-time highs in recent sessions, with gold flirting with $4,550 last week before traders decided maybe it was time to cash out some chips. Early Monday brought profit-taking as reality set in.
This isn't just about one shiny metal having a moment. We're watching a genuine metals shock ripple through global markets, powered largely by a brutal supply crunch playing out across Asia.
Silver has been the real showstopper here, absolutely rocketing 140% year-to-date as physical shortages in China sparked what can only be described as a buying frenzy. Gold is riding the same wave, benefiting from a fundamental shift in how the world thinks about money.
According to GlobalData, this rally reflects something bigger than just supply and demand. It's about the global financial system moving away from U.S.-centric dominance toward a multipolar structure, accelerated by de-dollarization trends, trade tensions, and a cooling American economy.
A huge chunk of recent momentum comes from an actual cash crunch in parts of Asia, where viral social media trends triggered a rush for physical metals that tightened supply chains. Even with energy prices easing and geopolitical conditions improving, gold keeps attracting buyers hunting for stability in uncertain times.
What the Charts Say
Barrick Mining is showing bullish technical signals, trading comfortably above its 20-day, 50-day, and 100-day simple moving averages. That's the kind of positioning that suggests genuine strength in the trend.
Here's the catch: the RSI sits at 74.97, firmly in overbought territory. Translation? Momentum is strong, but traders should watch for potential pullbacks or corrections. The MACD remains above its signal line, which keeps the constructive momentum story alive.
Key levels to watch: support at $40.00 and resistance at $47.50. A push toward resistance could signal continuation of the uptrend, while dropping below support might indicate a reversal.
The 12-month performance tells a more complicated story, with the stock down 6.95%. That reflects some longer-term headwinds. But recent bullish indicators suggest recovery potential if this momentum holds.
The stock currently trades at 89.2% of its 52-week range, meaning it's hanging near its highs. That's strength, but also a reminder to stay alert for resistance at elevated levels.
The Bottom Line
Barrick Mining shares were down 4.41% at $44.17 at the time of publication Monday, according to market data.