With gold prices heading higher, the dip in Barrick Gold (GOLD) looks interesting.
After slipping from $21.21, it caught strong support at $19.30 and is just starting to pivot higher. From its last traded price of $20.07, we’d like to see an initial retest of $21.21.
It could easily rally well above that – especially if gold does test $3,000 near term.
For one, as noted by Newsweek, “Matthew Jones, precious metals analyst at Solomon Global, told Newsweek that gold prices could reach $3,000 if Israel conducts retaliatory strikes on Iran.”
Two, according to Reuters, “Gold market bulls are locking in bullion prices surging to fresh records, with a milestone of $3,000 per ounce coming into focus, fired up by monetary easing by major central banks and a tight U.S. presidential election race.”
Gold could even rally to $3,000 by 2025, according to Bank of America.
In fact, according to the analysts, “We believe gold can hit $3,000/oz over the next 12-18 months, although flows do not justify that price level right now,” as quoted by Investing.com.
Goldman Sachs says it could rally to $2,700 by 2025.
Fueling more upside for Barrick Gold, Argus Research upgraded the stock to a buy rating, with a $24 price target. Plus, company CEO Mark Bristow says the GOLD stock is still undervalued and that the company is projecting 30% growth in the production of gold by the end of the decade.