• The USD/ZAR dipped on Monday as rand was boosted by gold prices which reached another record high.
• Rising precious metal prices, a key South African export, have lifted the rand to its strongest level in over three years.
• After rising nearly 13% versus the greenback in 2025, the currency is set to extend its winning streak this year.
•Gold broke through $4,600 per ounce for the first time on Monday, while silver also hit a record high, as investors snapped up safe-haven assets due to heightened geopolitical uncertainties and a criminal probe into Federal Reserve Chair Jerome Powell.
• Immediate resistance is located at 16.500(Daily high), any close above will push the pair towards 16.604(38.2%fib).
• Strong support is seen at 16.313 (23.6%fib) and break below could take the pair towards 16.253(Lower BB)
Recommendation: Good to sell around 16.500 with stop loss of 16.700 and target price of 16.200
