Chart of Day: Barrick Gold (GOLD) – 8/20

On August 12, we said, “Gold prices now sit at record highs above $2,433 and could push aggressively higher. One of the top gold stocks to keep an eye on is Barrick Gold (SYM: GOLD).”

At the time, GOLD traded at about $17.80. Today, it’s up to $20.22 and could push even higher, with gold prices at record highs.  Helping, there’s a strong possibility for interest rate cuts at the Federal Reserve’s September 2024 meeting. There’s still plenty of tension in the Middle East. And, according to analysts at Citi, gold could rally to $3,000 this year.

gold

As noted by CNBC, “Gold investor sentiment looks set for the upside in the three to six months window, Citi analysts said. The bank added that they see a $3,000 per ounce target by the middle of 2025, and a fourth quarter average price forecast of $2,550 per ounce.”

That being said, shares of GOLD could rally even more.

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