By Pete Najarian, co-founder of OptionMonster

TORONTO ( TheStreet) -- Barrick Gold ( ABX) has found support at its 200-day moving average for most of the year, and call-buyers are stepping in as the stock tests those levels.

OptionMonster's tracking systems lit up with activity in the August 42 strike, which saw 3,345 contracts trade Wednesday -- more than twice open interest. The trades were steady early in the session, with premiums climbing from $1.60 to $1.70.

The activity occurred one day after bulls snapped up the August 44 calls for 60 cents and 71 cents, betting on a move in the near term.

Investors might be thinking back to April 28, when the company's earnings and revenue crushed forecasts on a surge in gold prices, and shares leaped accordingly. The next set of numbers comes out before the bell on July 29.

Barrick Gold fell 0.19% to $41.73 Wednesday. It needs to pop about 5% by expiration for the August 42 calls to turn a profit.

Call volume outpaced puts by more than 2:1, a bullish ratio.

Najarian had no positions in the stock mentioned.

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