AngloGold Ashanti $AU Stock Downtrend Channel Breakout

  • Post category:Dark Pool Stocks
  • Reading time:4 mins read
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AngloGold $AU stock formed a downtrend channel breakout chart pattern on November 4, 2022.

The dark pool trading analysis in $AU stock seems to suggest that institutional investors sold out of $AU stock as the Federal Reserve began raising rates in early 2022. Now, we seem to have some institutional investors dabbling and toe-testing the waters on the long side. Does this mean that the Federal Reserve is close to a policy pivot?

AngloGold stock chart on November 6, 2022, with dark pool trades shown in orange bars with a table to the right with the text TIME SYMBOL MESSAGE PRICE 09/01/22 AU 1,000,000 BLOCK $13.0M 38.82% AvgVol $13.13 08/30/22 AU 1,000,000 BLOCK $13.0M 39.89% AvgVol $13.78 08/25/22 AU 500,000 DARK BLOCK $7.6M 18.99% AvgVol $15.22 08/10/22 AU 253,302 DARK BLOCK $4.0M 8.9% AvgVol $15.99 08/03/22 AU 580,691 DARK BLOCK $8.0M 21.79% AvgVol $13.83

Make sure to review this lesson on dark pool trading so that you understand the chart above.

Coeur Mining completes sale Crown Sterling to AngloGold Ashanti unit

The closing of the transaction to sell the Crown and sterling holdings to a subsidiary of AngloGold was announced on November 4, 2022, by Coeur Mining. At the closing of the transaction, Coeur received $150M in cash. The company will get an extra $50M in cash when Crown Sterling has enough gold to reach 3.5 million ounces. The Crown Sterling holdings comprise approximately 35,500 net acres and are located adjacent to AngloGold’s existing gold projects in Nye County, Nevada. Following its recent acquisition of Corvus Gold, AngloGold has consolidated a significant portion of the Beatty district and is the logical operator of a future standalone mining operation in the Beatty district.

AngloGold Ashanti price target lowered at Deutsche Bank

On October 5, 2022, Deutsche Bank analyst Abhi Agarwal lowered the firm’s price target on AngloGold Ashanti to ZAR 285 from ZAR 300 and keeps a Buy rating on the shares. The analyst lowered his target prices and earnings estimates for metals and mining to reflect weakening demand and macroeconomic risks. A lot of bad news has already been thrown at the markets, with metals already pricing in a mild recession, according to the analyst. Agarwal said that when the global cycle turns back up, the market will have low inventories and tight supply, and prices could go up again.

AngloGold $AU Stock Technical Analysis

AngloGold $AU stock is in a technical downtrend. AngloGold has formed a downtrend channel breakout and is testing resistance at $15.35. The MACD has gone positive and the money flow has gone positive. Gold stocks have firmed up a bit with speculation that the Federal Reserve may be close to a policy pivot as financial businesses tied to the housing market and investment banks are increasingly reporting layoffs.

AngloGold stock chart on November 6, 2022, in a downtrend channel breakout chart pattern with a positive MACD and positive money flow.
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