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 tests a breakout as the Top40 turns higher

Tuesday, 13 October 2026

Gold has held support and may be breaking out of its short-term range, while the Top40 shows a bullish reversal and Wall Street cools from record territory. The rand finds some relief as the USD/ZAR pulls back from overbought levels, and Brent’s uptrend remains intact despite stretched near-term conditions.

Inside this update:

• US Indices
• J40 Cash Index
• ZAR
• Commodities

J40 Cash Index

A bullish price reversal is now in play for the index. If Tuesday’s bullish start holds into close, further gains may be expected.

US Indices

The Nasdaq has started to pull back from all-time-high territory, the SP500 has formed a reversal at resistance, and the Dow could be losing some of its short-term momentum. Long-term trends for these indices are still up, though, and should weakness ensue, new long opportunities could start to present themselves.

USD/ZAR

The USD/ZAR has started to pull back from overbought territory, but for now the longer-term trend is still considered up. R16.40/$ provides our key short-term support level. Should this level hold, a move back towards R16.75/$ is favoured.

Commodities

Gold

Gold has held support and possibly broken out of a short-term range. How today’s candle closes is a key consideration as to whether the upside breakout is validated or if the short-term range has rather just been extended.

Brent Crude Oil

The uptrend for Brent crude remains in place, although the price is looking overbought in the near term. Should a pullback ensue, traders might wait out weakness before looking to join the prevailing uptrend.