After a multi-year bull run, gold prices have entered a slump, falling 22% since their all-time high in January 2026. Despite long-term catalysts like geopolitical instability and high inflation, short-term factors such as a higher-than-expected September Consumer Price Index reading have kept gold prices under pressure. The CME FedWatch Tool now indicates an 88% probability of another rate hike by December, further weighing on gold.
Two major gold mining companies, Barrick Mining (NYSE: B) and Agnico Eagle Mines (NYSE: AEM), have recently displayed a bullish technical pattern known as a golden cross. This pattern occurs when a short-term moving average crosses above a long-term moving average, often signaling a potential rebound. While gold itself remains in a downtrend, the strong correlation between gold prices and mining stocks suggests a possible turnaround for these companies.
Barrick Mining, with a market cap of nearly $64 billion, has seen its stock drop around 27% since its all-time high. Analysts are optimistic, with 16 of 20 rating it a Buy and a consensus price target implying over 30% upside. The company reported strong Q2 earnings, beating expectations on both EPS and revenue. Barrick is set to release its Q3 earnings on November 9.
Agnico Eagle Mines, another large gold producer with a market cap of nearly $90 billion, has also faced pressure, losing nearly 30% from its March high. Analysts are similarly bullish, with a consensus price target suggesting nearly 22% upside. The company's Q2 earnings surpassed expectations, with record quarterly free cash flow and significant gold production. Agnico Eagle will release its Q3 financials on October 28.