Gold Losing Its Glitter? Anglo Ashanti's Bearish Forecast Points
Gold Losing Its Glitter? Anglo Ashanti's Bearish Forecast Points to R220
1. Price Formation: The price has broken out from an inverted C&H price formation on a daily chart.
2. Moving Averages: The 7-day moving average (MA) is below the 21-day MA, which is a positive sign indicating short-term bearish momentum.
3. 200-day Moving Average is above the Price.
4. Thus, Mas 7<21<200
5. Relative Strength Index (RSI): The RSI is less than 50, indicating bearish momentum and potential further downward movement.
6. Price Target: R215.00
Anglo Ashanti – the Company
AngloGold Ashanti Limited is a global gold mining company formed in 2004 by the merger of AngloGold and the Ashanti Goldfields Corporation. The company is now among the world's largest gold mining companies, producing gold through a diverse portfolio of mines and projects spread across Africa, the Americas, and Australia.
AngloGold Ashanti's operations in the gold industry include exploration, extraction, processing, and smelting. In addition to gold, the company also produces silver, uranium, and sulfuric acid.
The company's shares are listed on the Johannesburg Stock Exchange (JSE) in South Africa,
1. Price Formation: The price has broken out from an inverted C&H price formation on a daily chart.
2. Moving Averages: The 7-day moving average (MA) is below the 21-day MA, which is a positive sign indicating short-term bearish momentum.
3. 200-day Moving Average is above the Price.
4. Thus, Mas 7<21<200
5. Relative Strength Index (RSI): The RSI is less than 50, indicating bearish momentum and potential further downward movement.
6. Price Target: R215.00
Anglo Ashanti – the Company
AngloGold Ashanti Limited is a global gold mining company formed in 2004 by the merger of AngloGold and the Ashanti Goldfields Corporation. The company is now among the world's largest gold mining companies, producing gold through a diverse portfolio of mines and projects spread across Africa, the Americas, and Australia.
AngloGold Ashanti's operations in the gold industry include exploration, extraction, processing, and smelting. In addition to gold, the company also produces silver, uranium, and sulfuric acid.
The company's shares are listed on the Johannesburg Stock Exchange (JSE) in South Africa,