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Commodities: Rand Gold, Rand Gold vs Rand Platinum, Brent Crude Oil – UnumCapital
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Commodities: Rand Gold, Rand Gold vs Rand Platinum, Brent Crude Oil

Commodities: Rand Gold, Rand Gold vs Rand Platinum, Brent Crude Oil

Rand/Gold Price

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.

https://www.tradingview.com/x/ORTaBrC6/

Rand Platinum Price vs Rand Gold Price (Update)

Strong follow-through and a continuation of the bull flag on the monthly chart.

https://www.tradingview.com/x/tG6JvbQu/

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.

https://tvc-invdn-com.akamaized.net/data/tvc_1ff5d364832f99fe7927a36e6558d60a.png

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.

https://www.tradingview.com/x/2H8jg8SH/

Lester Davids

Trading Desk Analyst

Unum Capital (Pty) Ltd
An Authorised Financial Services Provider (FSP 564)


T: +27 (0)21 201 7270             W:  www.unum.co.za             E: lester@unum.co.za


Lester Davids

Lester joined Unum Capital in July 2016 and is a Trading Desk Analyst focusing on local (JSE) and global multi-asset class technical strategy and research which includes idea generation.

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