JSE: ANG Risks Breakdown Under R1,250 as AngloGold Ashanti PLC Misses Q2 Earnings on Financial Results

Quick overview

AngloGold Ashanti delivered sharply higher second-quarter earnings and cash flow, but the JSE-listed ANG share price fell heavily as weaker gold prices and technical pressure raised concerns about the sustainability of the recent rally.

AngloGold Ashanti Stock Falls Despite Strong Earnings

AngloGold Ashanti reported a significant improvement in second-quarter financial results, supported by stronger gold prices and higher cash generation. Nevertheless, the JSE-listed ANG share price fell 5.39% on Friday, ending the week down approximately 7.67%.

The stock is now testing the important R1,250 support zone, making the next few trading sessions potentially important for its short-term direction.

Earnings and Revenue Surge

AngloGold Ashanti reported earnings of approximately $1.002 billion, or $1.96 per share, compared with $669 million, or $1.32 per share, during the same period last year.

Adjusted earnings reached approximately $1.010 billion, or $1.98 per share.

Revenue increased 27% to $3.104 billion, compared with $2.445 billion a year earlier.

The company also reported a strong increase in EBITDA, which rose 46% to approximately $2 billion. Headline earnings increased 58% to $1 billion, while free cash flow climbed 36% to $727 million.

Costs and Production Remain Concerns

Despite the strong financial performance, operating challenges remain.

A fatality-related suspension at the Obuasi mine disrupted production, although operations have since resumed at normalized levels. AngloGold Ashanti reaffirmed its full-year production guidance.

Total cash costs increased 21% to $1,480 per ounce, reflecting inflation, higher fuel costs, royalties, currency movements and the Obuasi disruption.

ANG Stock Faces Key Technical Test

The sharp decline in ANG shares suggests investors are focusing less on the strong earnings and more on the outlook for gold prices and operating costs.

Gold has faced selling pressure since the end of January, creating an important headwind for gold-mining shares.

If ANG stock decisively breaks below R1,250, further downside could emerge. Conversely, a recovery in gold prices could provide renewed support and help the shares stabilize.

AngloGold also declared $364 million in second-quarter dividends and may supplement shareholder returns through its approved $2 billion buyback programme.

For now, the fundamentals remain strong, but the technical picture has become increasingly cautious as ANG tests critical support.

Support Remains Under Pressure

Following an impressive 2025 surge, AngloGold Ashanti’s (JSE: ANG) stock faced a pullback in Q1 OF 2026 as gold prices tumbled lower from nearly $6,000 to $4,400, losing around 25% of the value, which led to a deep pullback in ANGJ shares to R1,250. This support zone has been holding since early February, but it is still under attack now.

ANGJ Chart Daily – The 100 SMA Held As Support

Yet, the correction found technical support at key moving averages, however buyers haven’t came back, signaling a possible breakdown below R1,250 broader uptrend, as Gold prices remain under pressure.

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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