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: Markets pull back from highs as gold consolidates, and the rand range widens

Tuesday, 18 August 2026

Global and local markets are digesting recent gains, with the Top40 Index and Nasdaq pulling back, US benchmarks trading off their near-term highs, and gold consolidating within a narrowing trading range. Brent crude tests resistance in overbought territory, while USD/ZAR broadens its trading range after breaking below support.

Inside this update:

• US Indices
• J40 Cash Index
• ZAR
• Commodities

J40 Cash Index

The Top40 Index has produced its first pullback since the upside breakout. We are looking for a reversal to confirm the pullback is over before initiating new long positions.

US Indices

Major US benchmarks are off near-term highs, but underlying trends are still considered up. We have a bullish chart pattern forming on the Dow, while the SP500 is testing support and the Nasdaq pullback deepens.

ZAR/USD

The USD/ZAR breached support, but this looks more like a broadening of the trading range than a commitment to direction.

Commodities

Gold

Gold has started to consolidate its recent gains moving into a narrow short-term range.

Brent Crude Oil