Anglogold is in a falling wedge and we see price ready to breakout to the upside in the process confirming a weekly low price at R299.07. If we close above the green resistance, we want price to remain above the pink support in a move higher. This will guarantee a cycle where we will break that support onto a daily cycle low later in October ensuring we have a low probability of a failed cycle (i.e. lower than R299.07, which is also the stop-loss).
It is critical that we do not go lower than 23 February price, the previous weekly low, if we do then price will be in yearly decline.
It is critical that we do not go lower than 23 February price, the previous weekly low, if we do then price will be in yearly decline.