Commodities: Rand Gold, Rand Gold vs Rand Platinum, Brent Crude Oil
Rising wedge held and continues to play out. Now, the price has broken down from what appears to be a double too formation. Also note the first 8/21 EMA crossover since 02 January 2020.
Rand Platinum Price vs Rand Gold Price (Update)
Strong follow-through and a continuation of the bull flag on the monthly chart.
Brent Crude Oil
The break of the support line A_B saw a sharp re-test of the breakdown level. At current levels, the price trades at a strong resistance zone, which is the swings high going back to early April and breakdown of 9-11 March. The RSI is trading in a fairly overbought zone (62) and is rolling over from the recent high of 66.
Gold/Silver Ratio – Update
In our research note on Sunday 10 May we highlighted the potential for a further breakdown of the bear flag formation. Since then we have seen Gold under-perform Silver and the bear flag playing out, with the ratio now trading just below the 0.618% Fib.
Trading Desk Analyst
Unum Capital (Pty) Ltd
An Authorised Financial Services Provider (FSP 564)