The bears have already shown their potential regarding Barrick Gold and should continue to do so. We expect them to drag Barrick further down below the support line at $13.01, where wave (2) in yellow and thus the overarching downward movement should end. There remains a 35% chance, though, that the bulls could intervene and challenge the bears’ claim. This alternative scenario could come into play if Barrick rose above the resistance at $24.95 and would entail a continuation of the ascent above the next resistance lines at $29.59 and $31.22.
