AngloGold Ashanti Rises 3.14% To $59.77 Amid Strong Technical Uptrend

Anglogold Ashanti (AU) demonstrated notable strength in the latest session, gaining 3.14% to close at $59.77. This advance occurred on above-average volume of 3.2 million shares, continuing an established medium-term uptrend that commenced from major support near $39.50 in May 2025. The following technical analysis evaluates key factors influencing this security’s trajectory.
Candlestick Theory
Price action reveals a dynamic structure characterized by strong bullish momentum. The current uptrend initiated with a robust bullish engulfing pattern in early August 2025 following consolidation above the $40 psychological support. Recent sessions show rejection of lower prices near $58.83, establishing this level as minor support. The $60.375 high printed on September 5 acts as immediate resistance. Importantly, the July 2025 low of $33.55 (significant swing bottom) and May 2025 peak of $45.30 provide critical long-term reference levels, with $39.50 emerging as a critical support zone tested three times during May-August 2025.
Moving Average Theory
The moving average configuration strongly supports the bullish bias. The current price trades above all key moving averages: the 50-day MA ($53.24), 100-day MA ($47.80), and 200-day MA ($42.61). This arrangement confirms a long-term uptrend. The 50-day MA crossed decisively above the 200-day MA in late July 2025 (Golden Cross), generating a significant bullish signal subsequently validated by sustained upward momentum. The ascending alignment of these MAs creates dynamic support, particularly near the $53.24 50-day level which underpinned recent pullbacks.
MACD & KDJ Indicators
Momentum readings exhibit strong but potentially overextended bullish conditions. The MACD (12,26,9) shows a positive histogram above its signal line since early August, confirming bullish momentum. However, it has begun exhibiting bearish divergence by failing to match the September price highs relative to August peaks. Simultaneously, the KDJ oscillator presents a potential near-term warning: The J-line is elevated at 94 (well into overbought territory above 80), suggesting increased susceptibility to profit-taking pressure despite the prevailing upward trend.
Bollinger Bands
Volatility patterns indicate a potentially significant pending move. Bands underwent sharp expansion during the August rally (from $40 to $60.375), followed by contraction in early September. Price currently tests the upper Bollinger Band ($60.25) while bands tighten. This contraction often precedes increased directional volatility. A sustained break above $60.375 could signify resumption of the trend, while rejection may lead to retracement towards the middle band (20-period SMA near $58.20) or lower band ($54.65).
Volume-Price Relationship
Volume analysis strongly validates the prevailing uptrend. The August advance witnessed multiple sessions of high volume expansion (notably exceeding 5 million shares during major up days), confirming institutional participation and trend conviction. Recent consolidation near $60 occurred on declining volume, suggesting limited distribution. The September 5 breakout attempt saw increased volume (+38% over the prior session), offering tentative validation of upward momentum near resistance.
Relative Strength Index (RSI)
The 14-period RSI reading of 78 indicates an overbought condition exceeding the traditional 70 threshold. Historically, AU has maintained RSI above 70 during strong trending phases before experiencing shallow corrections. While this suggests strong momentum persists, it also increases the probability of near-term consolidation or pullback. Previous RSI peaks above 80 (seen late May and early August 2025) coincided with short-term peaks and subsequent retracements.
Fibonacci Retracement
Applying Fibonacci levels to the primary swing low ($33.55 on April 4, 2025) and the recent high ($60.375 on September 5, 2025) yields crucial retracement zones. The 38.2% retracement sits at $50.18, the 50% level at $47.00, and the critical 61.8% support rests at $43.82. Given the significance of the $39.50-$43.00 area (prior resistance turned support and confluence with the rising 200-day MA near $42.61), the 61.8% level near $43.82 represents a major technical support zone. A healthy retracement likely finds buyers near the 38.2% ($50.18) or 50% ($47.00) levels.
Confluence & Divergence
Significant confluence exists around the $60-$60.375 resistance area, involving the recent price high, the upper Bollinger Band, and psychological resistance. Conversely, bearish divergence has emerged between the September price highs versus the MACD and RSI peaks achieved in late August, suggesting waning momentum at these elevated levels. Major support confluence lies near $47-$49, encompassing the 50% Fibonacci retracement, prior resistance turned support (July/August swing highs), and the steadily rising 100-day MA.
Probabilistically, the weight of evidence remains structurally bullish given the moving average configuration, confirmed Golden Cross, and strong volume profile. However, overbought oscillators (RSI at 78, KDJ J-line near 94), proximity to major resistance, and bearish momentum divergence suggest heightened potential for a short-term consolidation or pullback toward $55-$57 before challenging the $60.375 resistance with sustained conviction. A decisive break above $60.375 on expanding volume would signal continuation targeting the next historical swing highs. Conversely, a breakdown below the critical $53.24 (50-day MA) level would warrant reassessment of near-term bullish momentum.