• USD/ZAR slipped lower on Wednesday as South African rand firmed as investors continued to pile into precious metals.
• Gold broke above $4,500 an ounce for the first time on Wednesday while silver and platinum also marked new record highs,
• Silver hit an all-time high of $72.70 and was last up 0.9% at $72.09 an ounce, while platinum peaked at $2,377.50 before paring gains to stand 0.3% higher at $2,282.70.
• Copper advanced for a sixth straight session to an all-time high close to $12,300 on Wednesday.
• The rand is set to gain over 12% against the dollar this year, supported by stronger South African fiscal performance, contained inflation, and rising gold and platinum prices, key exports.
• Trade has been thinner than usual this week, with many investors away from their desks for end-of-year holidays.
• Immediate resistance is located at 16.697 (Daily high), any close above will push the pair towards 16.777(38.2%fib).
• Strong support is seen at 16.574 (23.6%fib) and break below could take the pair towards 16.495 (Lower BB)
Recommendation: Good to sell around 16.650 with stop loss of 16.900 and target price of 16.400
