• USD/ZAR strengthened on Monday as a broad commodity selloff weighed on emerging-market asset.
• Gold and platinum prices fell, weighing on the rand as South Africa is a major exporter of both metals.
•Gold prices fell sharply as signs of easing U.S.-China trade tensions added further pressure on the precious metals.
• The local currency also lost ground because the U.S. dollar strengthened as investors sought safety.
• Immediate resistance is located at 16.288 (38.2%fib), any close above will push the pair towards 17.505 (Jan 19th high).
• Strong support is seen at 16.051 (Feb 5th low) and break below could take the pair towards 15.720(Lower BB).
Recommendation: Good to buy around 16.300 with stop loss of 16.100 and target price of 16.800
