Barrick Gold (ABX) NewsBite - ABX Rises on Higher Gold Futures

Posted on Thursday, June 19, 2008 10:11 AM

Barrick Gold (ABX) opened at $41.21. So far today the stock has hit a low of $40.97 and a high of $41.36. ABX is now trading at $41.15, up 0.71 (1.76%). After hitting a one-year low of $27.79 last June, the stock hit a one-year high of $54.74 in March. Shares of ABX are rising this morning, helped by higher gold futures. Shares of ABX are rising this morning, helped by higher gold futures. Technical indicators for ABX are neutral and improving, while S&P gives the stock a positive 4 STARS (out of 5) buy rating. If you’re looking for a hedged play on this stock, consider an October bull-put credit spread below the $32.50 range. ABX hasn’t been below $35 at all since August and has shown support around $38 recently. This trade could be risky if the dollar recovers and gold futures fall, but even if that happens, this position could be protected by the support the stock might find around $37 where it has formed a bottom over the past seven months. [LHF- Seven Summits Strategic Investments NewsBite]