GOLD (As in BARRICK GOLD) - A double in two years?

The horizontal support\resistance around 22.50 seems to have great significance to Barrick Gold. Last time it consolidated below it for roughly 8 years was between 1997 and 2005, then it broke out, backtested 22.50 twice (black arrow marker), and went on to more than double in less tha 3 years (May '05 to March' 08). Not a bad trade for someone who doesn't want to speculate on small exploration stocks, and prefers a solid big producer. Today Barrick is even bigger, with the acquisition of Randgold Resources among other things, and it JUST broke out from 22.50 after a 7 year consolidation. Backtest is in the books (yellow arrow marker), and if it stays inside of the BLACK rising channel, it can hit all time highs at 55.65 as early as June 2022. Even if it were to take longer to get there, it would still be a double from today's price. Note how the 100 weekly EMA (yellow) is a good indicator of the overall longer trend, and now it's pointing decisively upward.

I see a possible resistance zone around 31.70, which I believe will give way sooner or later, but could require some consolidation. I also believe that ATH will be taken out during the course of this precious metals bull, but let's get back there for now and then reasses.

Full disclosure: long Barrick Gold at 1% of total assets, and looking to increase exposure on weakness. For those trading on the Toronto Stock Exchange, the ticker symbol is still ABX.