Dr. Roffey … May 01

The crazy April holiday season is almost over with all the political posturing and rhetoric to the fore.

We had yet another knee jerk reaction to the French election first round results. But this is likely to be discounted just as quickly as global growth and consumer buying figures disappoint.

The Rand pulled back to test R12.90 and in doing so mapped out a classic 61.8% Fibonacci correction for a sell Rand signal at R12.95.
My long term Rand data is not bullish for the local currency. Neither is it bullish for the financial sectors.

Gold shares were hit by the stronger Rand and I rate DRD under 550c as the best buy in the market.

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