These 2 Gold Miners Just Flashed Golden Crosses—Is a Breakout Coming?

Key Points

• Barrick Mining and Agnico Eagle Mines both recently formed golden cross patterns, a bullish technical signal, despite gold's 22% drop from its January all-time high.
• Analysts maintain consensus Moderate Buy ratings on both miners, with price targets implying more than 30% upside for Barrick and nearly 22% for Agnico Eagle.
• Both companies posted stronger-than-expected second-quarter earnings and revenue, with Agnico Eagle generating record quarterly free cash flow of $1.3 billion.

Following a multi-year bull market that saw gold prices explode, the precious metal has been mired in a slump. Since hitting its all-time high (ATH) in January 2026, gold has fallen 22%.

While long-term catalysts—including geopolitical instability, record-high government debt, and persistently high inflation—remain in place, short-term headwinds have prevented gold from rebounding, even after a nearly 18% rally from its year-to-date (YTD) low on July 16 through the end of August.

More recently, a higher-than-expected Consumer Price Index reading for September shifted the odds in favor of another rate hike this year, putting downward pressure on gold prices. According to the CME FedWatch Tool, futures markets now indicate an 88% probability that the Federal Reserve's benchmark interest rate will be higher by its December meeting.

So it’s no surprise that gold stocks have taken a beating this year. But for two senior mining companies—Barrick Mining NYSE: B and Agnico Eagle Mines NYSE: AEM—an extremely bullish pattern just popped up on their respective one-year charts, hinting that a rebound could be on the horizon.

Why Golden Cross Patterns Could Signal a Gold Mining Stock Rebound

A golden cross is a technical chart pattern that occurs when a short-term moving average (often a 50-day moving average) crosses above a long-term moving average (often a 200-day moving average). The signal can foretell a bullish breakout, and when supported by high trading volume, the crossover is generally considered a more reliable bullish indicator.

It’s worth noting that for gold itself, that pattern has not shown up on the one-year chart. Prices of the precious metal remain in a downtrend since its late-summer rally fizzled out on Aug. 25.

However, over the medium term, gold prices and gold mining stocks exhibit a strong correlation that typically ranges from 0.75 to 0.85, meaning that 75% to 85% of the time they tend to move in the same direction.

For the following two stocks, the emergence of golden cross patterns last week could be an indication that the precious metal’s prices are soon to follow a bullish reversal.

Analysts Are Bullish on Barrick’s Gold—And Its AI-Critical Copper

Barrick Mining, formerly Barrick Gold, is a global mining company that focuses primarily on the exploration, development, and production of gold and copper, the latter of which is a critical component to the AI trade.

But the company’s gold operations are what has made Barrick famous among gold bugs, and why the miner has amassed a nearly $64 billion market cap.

Its gold mines are located in Nevada, Canada, the Dominican Republic, Mali, Côte d’Ivoire, Tanzania and the Democratic Republic of the Congo, while its copper presence spans Zambia, Chile, and Saudi Arabia.

Barrick’s stock has suffered this year. Since reaching its all-time high, which nearly coincided with gold’s all-time high in January, shares are down around 27%.

But analysts are bullish on the company’s performance over the next year. Of the 20 analysts covering the stock, 16 assign it a Buy rating. Overall, the stock carries a consensus Moderate Buy rating alongside a consensus price target that implies more than 30% upside potential from current prices.

When Barrick reported Q2 earnings, it beat expectations on both fronts, reporting earnings per share (EPS) of 82 cents versus the 81-cent consensus estimate and revenue of $5.29 billion versus the $5.1 billion forecast.

The company’s trailing price-to-earnings (P/E) ratio of 10.02 may appeal to value-oriented investors, and its EPS is expected to grow 14.66% next year from $3.48 per share to $3.99 per share.

Barrick is set to release its Q3 earnings on Nov. 9 before market open.

Agnico Eagle's Earnings Strengthen the Case for a Rebound

With a market cap of nearly $90 billion, Agnico Eagle Mines is one of the world’s largest gold producers.

Based in Canada, the company is engaged in the exploration, development and production of gold, mineral processing, and mine-site reclamation.

However, its principal product remains gold, with silver and other byproducts also recovered from certain operations providing secondary revenue streams.

The Toronto-based company’s portfolio is concentrated in established mining regions, including the Canadian provinces of Ontario and Quebec, Nunavut in northern Canada, and Finland. It also maintains exploration and development interests designed to extend the life and potential of its mineral properties.

Shares of AEM have also been under pressure this year. From their ATH on March 2, the stock has lost nearly 30%.

But analysts are similarly bullish on Agnico Eagle, with a consensus price target implying nearly 22% upside from current levels. The stock carries a consensus Moderate Buy rating with 13 of the 17 covering the stock assigning it a Buy rating.

Agnico Eagle's Q2 earnings were strong, with EPS of $3.05 surpassing analyst expectations of $2.89. Revenue also topped estimates, reaching $3.80 billion against a consensus forecast of $3.78 billion and marking a 35% year-over-year increase. The company also generated a record quarterly free cash flow of $1.3 billion and produced approximately 856,000 ounces of gold.

Agnico Eagle Mines will release Q3 financials on Oct. 28 after market close.