AngloGold Ashanti Limited (NYSE: AU)

AngloGold Ashanti Limited engages in the exploration, production, and marketing of gold. It also produces by-products, such as silver, uranium, and sulfuric acid. The company's principal projects include the Gramalote and the La Colosa projects located in Colombia; the Kibali and the Mongbwalu projects located in the Democratic Republic of the Congo; and the Tropicana project located in Australia. It also operates in South Africa; Continental Africa, including Ghana, Guinea, Mali, Namibia, and Tanzania; and the Americas comprising Argentina, Brazil, and the United States. AngloGold Ashanti Limited was founded in 1944 and is headquartered in Johannesburg, South Africa.
Please take a look at the 9-month chart of AU (AngloGold Ashanti Limited) below with my added notations:
Ashanti's stock had been trading in a sideways range since June and now seems to have formed a base. Several times over the last (5) months, the stock had also formed a key resistance level at $15 (red). Earlier this week the stock finally broke up out of its base and above that important $15 level. So, assuming AU holds $15, the stock should be moving overall higher from here.

The Tale of the Tape: AU had a key level of resistance at $15 that should now act as support on any pullbacks. A long trade could be entered on a pullback to $15 with a stop placed below that level. A break back below $15 could negate the forecast for a move higher.
Please share this article