Shaun Murison

Senior Analyst, Rand Swiss

Shaun is a senior analyst specialising in derivatives trading and technical analysis across index, commodity, FX, and equity markets. With nearly 20 years of experience in financial markets, Shaun brings deep expertise to his role, presenting research and analysis to Rand Swiss clients. Shaun is a regular commentator on local and global financial markets, contributing to major media outlets including CNBC Africa, Reuters, Moneyweb, and Business Day. He produces daily and weekly market reports focused on technical analysis and trading opportunities in his core markets. As a registered person at the JSE and a Certified Financial Technician (CFTE), Shaun combines formal credentials with practical market expertise.

You can follow Shaun on Twitter at @ShaunMurison_RS for regular market updates and trading insights.

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Tech Tuesday: Top40 breaks higher as gold tightens, and the rand drifts towards support

Tuesday, 4 August 2026

The Top40 index has broken out, suggesting the recent sideways move may be over. Gold continues to trade within a tightening range, while the rand strengthens and Brent Crude remains under pressure.

Inside this update:

J40 Cash Index

The Top40 index finally appears to be moving out of consolidation with a resistance and trend line breakout. While we are now in overbought territory, this is not considered a signal to trade against the upward momentum, but rather a suggestion that pullbacks could now start to be buyable again.

US Indices

While the Dow is pushing deeper into new high territory, the SP500 is at resistance. The Nasdaq is the laggard but has rebounded aggressively from what looks to have been a false downside breakout.

ZAR/USD

The USD/ZAR has been drifting lower since tagging resistance at around the R16.90/$ mark. The R16.14/$ to R16.29/$ support levels have been a good point to accumulate this year so far.

Commodities

Gold

The trading range for gold has gotten narrower over the last week. The market continues to look for direction. Range traders will look to trade between the horizontal levels, while breakout traders will want to see a committed move out of this range with either a close above resistance or below support.

Brent Crude Oil

The price of Brent Crude Oil is rebounding today from oversold levels, but the price gaps lower suggest a downside bias remains in place for now. We are looking for a reversal before one of our resistance levels for new short positioning, provided that the 102.58 level remains unbroken.

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