Gold and Silver prices are circling unchanged today, but the precious metals miners are acting well. Barrick Gold Corp. (NYSE: ABX) just took out its prior high at 48.42 from January 28, and although there is no upside follow-through just yet, my near-term pattern work and momentum oscillators point to 50.50-51.00 next.

At this juncture, only a sudden plunge that breaks below the rising 200-day moving average, now at 46.20, will begin to meaningfully compromise my bullish near-term outlook for ABX.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.