USDZAR Where will the Rand go: Riding the Gold bulls
With Gold having a bull run the Rand promptly followed. The Rand broke the yearly PP and is showing some strength. Volume entered the market. There was a brief attempt at a short term correction last week but the Gold strength dominated and pushed the Rand through the yearly PP. In the coming week we can expect a short term pullback/correction in Gold and the Rand. With news around the Municipal elections also abounding, I think investors will be cautious and wait for the dust to settle. However, with prospects of some more Gold strength the rand should improve further in August possibly peaking at the beginning of September. But for now lets keep riding the Gold bulls and see how long we can stay on.
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