AngloGold Ashanti Is Starting to Shine on the Charts
Let's check this global gold mining company's technicals.
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AngloGold Ashanti AU is a global gold mining company with projects and exploration activities in nine countries.
Let's look at some shiny charts and indicators.
In this daily bar chart of AU, below, I can see that prices have just made a new high for the move up. Prices trade above the rising 50-day moving average line and above the rising 200-day moving average line.
The trading volume has been mixed the past year, but generally active. The On-Balance-Volume (OBV) line shows us a rising pattern since January and suggests that buyers of AU have been more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is above the zero-line and just crossed to the upside for a new outright buy signal.
In this weekly Japanese candlestick chart of AU, below, I can see that prices have broken out over the highs of 2023. AU trades above the rising 40-week moving average line, so math tells us we are in a longer-term positive trend. Trading volume has declined the past two years, but the weekly OBV line has been steady as a rock and shows new strength in recent weeks, The MACD oscillator is in a bullish alignment above the zero-line.
In this daily Point and Figure chart of AU, below, I can see the recent new high for the move up - an upside breakout. Here the software suggests a price target in the $39 area.
In this weekly Point and Figure chart of AU, below, I can see a potential price target in the $44 area.
Bottom line strategy: Traders and investors should have some exposure to precious metals. I have recommended a number of mining names in the past two years. You can consider buying AU at current levels. Risk to $25 and $44 is my upside price target for now.
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