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.

Tech Tuesday: Gold breaks down as markets brace for a news-heavy week

Tuesday, 3 November 2026

Gold has broken key support while the rand and US indices sit at technical crossroads, with US elections and Non-Farm Payrolls set to provide direction across asset classes this week.

Inside this update:

• US Indices
• J40 Cash Index
• ZAR
• Commodities

J40 Cash Index

The Top40 index remains in a consolidation phase. This suggests either trading the range or waiting for a breakout. With the sharpness of the recent price reversal off support, traders will need to assess the merits of the risk-to-reward assumptions on the setup.

US Indices

The Nasdaq, S&P 500, and Dow are pulling back from highs in a data-heavy week. The long-term trends are still considered up, but before looking for new entries to join this trend, we await indications that the correction has ended.

USD/ZAR

The USD/ZAR has fallen just short of resistance, but the trend remains up. Traders who have been long into the move might consider locking in profits; those waiting for the next opportunity might hope for a pullback from overbought territory or a break of resistance. Elections and Nonfarm Payrolls data could provide catalysts for the rest of the week.

Commodities

Gold

Aggressive selling for gold has seen key support levels broken. The weekly chart shows the next level to be considerably lower. Traders bullish on the commodity may hope for a rebound from severely oversold levels. However, the bias is shifting towards the downside unless key levels can be recouped and maintained over what is a news-heavy week.

Brent Crude Oil

Brent crude has started a correction from highs amid mediation talks in the Middle East. The long-term trend is still up, although we are still assessing whether the correction could deepen further. The threat of US military action post-elections does caution trade in the commodity right now.