Barrick Gold (ABX) NewsBite - Barrick Gold Lifted by Higher Gold Futures

Posted on Thursday, May 15, 2008 10:29 AM

Barrick Gold Corp. (ABX) opened at 38.77. So far today, the stock has hit a low of 38.34 and a high of 38.98. ABX is now trading at 38.80, up 1.04 (2.68%). The stock hit its 52 week high of 54.74 in March and set its 52 week low of 27.79 in June. ABX rose for most of the past year, but has shown signs of weakness this year. Barrick Gold shares have been climbing today helped by soaring gold futures. Technical indicators for the stock are bearish and steady while S&P gives ABX a positive 4 STARS (out of 5) buy rating. If you’re looking for a hedged play on this stock, consider a July bull-put credit spread below the $32.50 range. ABX stock could fall up to 16.2% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]