XLB - Barrick Gold: Bullish Tailwinds As Precious Metals Soar
2024-03-21 16:25:48 ET
Summary
- Gold prices reached a high of $2,222 following a dovish FOMC decision and Fed Chair Jerome Powell's press conference.
- Barrick Gold Corporation aims to become the world's most valued mining company, with operations in multiple countries and rising EPS seen over the coming quarters.
- Barrick Gold's Q4 results showed strong performance, but technical risks are apparent on the chart.
- I highlight key support and resistance levels to monitor ahead of a slew of corporate events.
The price of an ounce of gold soared to a high of $2222 following Wednesday’s dovish FOMC decision and Fed Chair Jerome Powell's press conference. The Fed raised its outlook for both GDP growth and inflation while leaving its policy rate forecast unchanged, effectively an accommodative set of actions. Not surprisingly, risk assets jumped following the news release and media Q&A. Amid the drop in interest rates and give-back in the greenback, precious metals caught a bid ....
Barrick Gold: Bullish Tailwinds As Precious Metals Soar