AU - a gold mining stock rises with spot gold LONG
Updated
AU AngloGold Ashanti has operations in a variety of locations including North America and Africa.
With spot gold rising and mostly fixed operational costs, AU stands to improve its overall
margins. Here on a weekly chart, price has crossed over the POC line of the volume
profile and the mean anchored VWAP line. The Price Momentum Oscillator and Relative
Trend Index indicators are showing reversals from bearish to bullish. Price action is in
a symmetrical triangle. Price has 20% upside before reaching the descending resistance
trendline which may take a month or so. I will open a long trade here looking for a best
entry on a 120-240 minute chart.
With spot gold rising and mostly fixed operational costs, AU stands to improve its overall
margins. Here on a weekly chart, price has crossed over the POC line of the volume
profile and the mean anchored VWAP line. The Price Momentum Oscillator and Relative
Trend Index indicators are showing reversals from bearish to bullish. Price action is in
a symmetrical triangle. Price has 20% upside before reaching the descending resistance
trendline which may take a month or so. I will open a long trade here looking for a best
entry on a 120-240 minute chart.
Note
Zoom -in chartNote
Price continues to move up. Gold and silver both moving well.
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