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Barrick Gold (
ABX) remains the go-to equity proxy for everyone's favorite precious metal in this market. Gold prices have gotten shellacked in the last few months, down more than 26% year-to-date. And Barrick shareholders with they saw similar price performance in 2013: the gold miner is down 57% over the same time period. More recently, some of that selling has come as the hands of an analyst downgrade from Credit Suisse that knocked the firm's rating from outperform to neutral.
Technically, ABX has a broken chart. There's no semblance of support for Barrick, and lower levels look likely -- even if shares are bouncing modestly today.
I'd recommend staying away from the long-side of Barrick right now. Gold looks like it's going to settle lower.