The 3rd Largest Gold Producer In The World
Posted: October 18, 2013 Filed under: H&S Bottom | Tags: Anglogold Ashanti, AU, GDX, gold, Gold mining, South Africa
Gold Miners have been hit hard as they tend to follow gold prices. Gold Miners ETF (GDX) is down around 50% YTD. A couple of gold miners such as CDE had decent patterns indicating a low was in place but failed. Yesterday GDX rocketed 5%, so I thought to check on gold stocks hoping for a bottoming formation that it ready for a breakout. I found Anglogold Ashanti (AU), the 3rd largest gold producer in the world operating in ten countries (offering some sort of diversification for shareholders). AU almost completed a 4-months H&S bottom ending the day up over 9%. Keep a close eye on AU, as the lows for this miner could have well been put in place and a reversal is on the horizon. A close above the neckline at $15.15 would have an initial target of $18.50.