Barrick Gold (GOLD) shares rose more than 9% on Monday after the Canada-based gold miner reported better-than-expected second-quarter results due to high gold prices and robust production.

Despite positive tailwinds from the yellow metal, the mining giant has lagged its peers this year amid production concerns related to planned maintenance at several of its key mines. However, the company reported gold production of 948,000 ounces during the quarter, significantly exceeding estimates of 905,800 ounces, which helped to allay these fears.

Below, we take a closer look at the technicals on Barrack Gold’s weekly chart and discuss key price levels that are likely to pique investor interest given the potential for further gains following the earnings release.

Breaking out of the flag pattern

Since finding support around the 50-week moving average (MA) in early June, Barrick Gold shares have recorded four consecutive weekly green candles before forming a flag, a chart pattern that signals a continuation of the current uptrend.

In fact, the price broke the flag this week and closed above the respected 200-week MA on Monday. Moreover, the Relative Strength Index (RSI) is approaching the overbought territory, indicating strong price momentum.

Key Barrick Gold Price Levels to Keep an Eye on

As Barrick Gold shares continue to trend higher, investors should keep an eye on three key chart levels that are likely to attract attention.

First, the area around $18.15 is worth watching. Although the stock price closed above this level on Monday, it remains an important location near a horizontal line that connects several peaks and troughs since September 2021 and could become a future support point on retracements from previous resistance.

A clear close above this level could trigger a move to $20.20, an area on the chart that could generate selling pressure from a trendline connecting comparable price action between March 2021 and May 2023. This region could also face resistance from above, originating from a multi-year downtrend line that connects to the prominent swing highs of August 2020 and April.

Finally, a more bullish move could see shares rise to $25, where sellers could book profits on the gold miner near the May 2021 swing high, which also closely aligns with several trading levels around the April peak.

Barrick Gold shares rose 9.1% to close Monday’s regular trading session at $18.99. The stock rose another 6 cents in after-hours trading.

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At the time of writing, the author does not own any of the securities mentioned above.