• The USD/ZAR slipped lower on Tuesday as rand firmed, helped by the bounce back in commodity prices.
• Gold and silver surged on Tuesday, with bullion poised for its largest daily gain since November 2008, as investors rushed to buy after the metals’ steepest two‑day drop in decades.
• Despite the historic drop in gold and silver, analysts remain bullish, forecasting further record highs for the metals later this year.
•Like other risk-sensitive currencies, the rand often takes cues from global drivers such as U.S. policy in addition to local factors.
• Immediate resistance is located at 16.067(50%fib), any close above will push the pair towards 16.209(SMA 20).
• Strong support is seen at 15.878(38.2%fib) and break below could take the pair towards 15.723(Lower BB)
Recommendation: Good to sell around 16.000 with stop loss of 16.200 and target price of 15.900
