AngloGold Ashanti Extends Slide With 5.21% Two-Day Drop As Selling Pressure Mounts

AngloGold Ashanti (AU) closed at $65.80 in the most recent session, extending its decline by 1.20% and marking two consecutive down days with a cumulative 5.21% loss. The stock retreated from a recent peak of $69.98 on September 23, 2025, signaling increased selling pressure. Below is a comprehensive technical analysis evaluating key indicators and price dynamics.
Candlestick Theory
Recent candlestick formations highlight bearish momentum. The September 24 session printed a decisive bearish candle with a high of $69.92 and low of $66.59, closing near the session low ($66.60) on elevated volume—suggesting strong selling conviction. This was followed by a smaller-bodied candle on September 25 ($65.25–$66.85), unable to reclaim prior support around $67.00. The $67.00–$67.50 zone now acts as immediate resistance, with critical support near the June 2025 swing low of $61.31. A break below $65.25 may accelerate downside momentum, while recovery above $67.50 could signal stabilization.
Moving Average Theory
The 50-day moving average (MA) near $57.30 and 100-day MA around $52.80 remain below the current price, confirming the primary uptrend from Q1 2025. However, short-term deterioration is evident as the price broke below the 20-day MA ($67.20) during the two-day 5.21% decline. This violation suggests weakening near-term momentum. The 50-day/100-day golden cross (bullish alignment) persists but requires price stabilization to prevent a breakdown. Sustained trade below the 20-day MA may signal further retracement toward the 50-day MA.
MACD & KDJ Indicators
The MACD (12,26,9) recently generated a bearish crossover, with the signal line crossing above the MACD line on September 24 amid the sharp decline—hinting at accelerating downward momentum. Concurrently, the KDJ oscillator (9,3,3) shows %K (16) and %D (24) entrenched in oversold territory. While oversold KDJ readings typically precede rebounds, the MACD’s bearish divergence suggests caution. A bullish %K/%D crossover coupled with MACD stabilization could signal a tactical reversal, though the current setup favors continued downside pressure.
Bollinger Bands
Bollinger Bands (20-day SMA, 2σ) expanded sharply during the September 19–24 decline, reflecting volatility surge. Price breached the lower band ($66.80) on September 24–25, signaling extreme oversold conditions. Historically, such breaks preceded short-term bounces (e.g., May 12 and August 4 pullbacks). With the lower band now near $65.90 and the 20-day SMA at $67.20, a reversion toward the midline is plausible if buyers emerge. Band contraction following this volatility spike would signal consolidation.
Volume-Price Relationship
Volume patterns validate the bearish structure. The September 24 sell-off (-4.06%) occurred on 60% above-average volume (4.81M shares vs. 30-day avg ~3.2M), confirming distribution. Follow-through selling on September 25 saw slightly below-average volume, suggesting exhaustion may be near but requiring volume-supported recovery to confirm. The August 5 and September 8 rallies saw volume surges exceeding 5M shares, highlighting institutional accumulation—absent recently. Sustained upside requires volume expansion above 4M shares/day.
Relative Strength Index (RSI)
The 14-day RSI plunged to 38, exiting oversold territory (previously 28) but remaining below neutrality (50). While the current reading implies diminished selling pressure, the absence of bullish divergence (price made lower lows alongside RSI) tempers reversal optimism. Notably, RSI registered overbought readings (>70) in late August and early September, aligning with the $69.98 peak. A recovery above RSI 45–50 would signal improving momentum, but sub-30 readings could resurface if $65.25 fails.
Fibonacci Retracement
Applying Fibonacci to the recent downswing from the September 23 high ($69.98) to September 25 low ($65.25) yields key levels: 23.6% ($66.36), 38.2% ($67.06), and 50% ($67.62). Confluence exists near the $67.00–$67.50 zone (38.2% retracement + prior support) as a critical resistance barrier. Broader retracement using the 2024 low ($22.45) to 2025 high ($69.98) identifies the 38.2% level ($51.82) and 50% level ($46.21) as major support zones in a deeper correction scenario.
Confluence and Divergence Summary
Confluence appears at the $67.00–$67.50 resistance area, where Fibonacci retracement, previous support, and the 20-day MA converge—sustained trade above this zone is critical for recovery. Bearish divergence emerges via MACD’s acceleration downward against oversold KDJ readings, signaling unresolved downside risks. RSI divergence is absent, supporting caution. Near-term price action should be validated by volume dynamics, with close monitoring of Bollinger Band behavior for volatility normalization. Given the current setup, a technical rebound toward $67.00–$67.50 appears probable, but failure at $65.25 may extend declines toward the 50-day MA near $57.30.