Anglogold has undergone a re-accumulation trading range. After a buying climax (BC) at the end of August 2019 accumulation has taken place at the lower half of the trading range. A spring with test has taken place in November / December 2019 with minor signs of strength towards the end of 2019. Volume has declined on the pullback and today we have seen some ease of movement to the upside on a small volume increase. The markup in phase D is set to continue.