JSE Gold Sector: Bull-Bear Pivot Levels 🟢🔴

Research Notes February 2026 > https://www.unum.capital/post/rfeb2026

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Published: Pre-Market, Friday, 06 February 2026.

The data is based on the DAILY TIME FRAME and is subject to change based on the subsequent news flow and price action.

Note: This analysis may differ from the analysis which is based on the Weekly and Monthly time frames.

1. AngloGold Ashanti (ANG)

   • Current Price: ~159,961c

   • Context: 🟡 Weakening Phase (Wait / Buy on Pullback)

   • 🟢 Bullish Pivot: 152,000c

     • Rationale: The "Buy Zone" floor. We are waiting for the price to test and hold this level to confirm the pullback is over.

   • 🔴 Bearish Pivot: 148,000c

     • Rationale: A breach of this support implies the correction is deepening into a trend change, invalidating the "Buy the Dip" thesis.

2. Gold Fields (GFI)

   • Current Price: ~82,732c

   • Context: 🟢 Leading Phase (Buy Continuation)

   • 🟢 Bullish Pivot: 84,500c

     • Rationale: The "Blue Sky" breakout point. Clearing this level confirms the stock is disregarding overbought conditions and trending higher.

   • 🔴 Bearish Pivot: 79,500c

     • Rationale: The trailing stop level. A close below this pivot signals that the momentum thrust has failed and profit-taking is accelerating.

3. Harmony Gold (HAR)

   • Current Price: ~32,989c

   • Context: 🟢 Leading Phase (Buy Continuation)

   • 🟢 Bullish Pivot: 34,200c

     • Rationale: The immediate resistance cap. A breakout here confirms the "Leveraged Beta" trade is working and targets 38,000c.

   • 🔴 Bearish Pivot: 31,500c

     • Rationale: The volatility stop. Given Harmony's sensitivity, a drop below this level suggests the gold price rally is stalling.

4. DRDGold (DRD)

   • Current Price: ~5,120c

   • Context: 🟢 Leading Phase (Buy Continuation)

   • 🟢 Bullish Pivot: 5,350c

     • Rationale: The validation trigger. The stock has been lagging; a move above this pivot confirms it is finally catching up to the sector move.

   • 🔴 Bearish Pivot: 4,900c

     • Rationale: The danger zone. If it falls back below this level, it confirms the stock is a "Laggard" and capital should be rotated to GFI or ANG.

5. Pan African Resources (PAN)

   • Current Price: ~2,909c

   • Context: 🟢 Leading Phase (Buy Continuation)

   • 🟢 Bullish Pivot: 3,000c

     • Rationale: The psychological barrier. A move through 3,000c attracts retail attention and often leads to a momentum extension.

   • 🔴 Bearish Pivot: 2,750c

     • Rationale: The structural support. Buying interest must remain apparent above this level to maintain the bullish trend structure.

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Trading Notes/Resources (Where Applicable)

READY TO TRADE: ACTIONABLE AREAS: For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value. The blue and red horizontal lines on the chart represent a next best probability buy re-entry range and a next best probability sell re-entry range over the short term. The ranges assume no existing position being held by a trader while the probabilities are based on several factors which may include: short term rating, medium term regime, momentum, horizontal or diagonal support/resistance, candle structure, moving averages and standard deviation, among others. These are short term levels and may be in contrast to medium and long term outlooks which are based on the weekly and monthly charts and, which may be applicable to long term investors. These levels are subject to change based on sentiment, the subsequent price action and company/sector specific or macro news flow. As always, while the levels are outlined, traders should be prepared to adjust in real-time based on the aforementioned.

"Strategy Alerts" help clients identify trading opportunities. When a ticker's real-time or pre-market price action aligns with the criteria on a slide—such as a pullback to the 21-day EMA or a breakout from a consolidation base—it effectively "matches" that stock to the strategy, triggering an alert to a potential trading opportunity. This approach transforms the playbook into a dynamic scanning tool, allowing you to instantly categorize active stocks by the specific technical thesis playing out, ensuring that every trading potential opportunity communicated is backed by a predefined, actionable setup.

THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL): UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK

• It helps helps clients determine and shed light on the some of the following:

• The CURRENT TECHNICAL POSITION and a PRICE ACTION PROBABILITY for multiple time frames.

• Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks)

• Whether the reward-to-risk is attractive for a buy/long position

• Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down)

• Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short.

• Whether a trader can look to buy a pullback into a key moving average (continuation trade)

• Whether a share needs to break a range for a new trend to be determined (bullish or bearish)

• Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal

• Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend

• Whether the upward momentum is slowing (if it's in a bullish phase)

• Whether buyers can look to 'phase in' to a position (if it's in a bearish phase)

• Whether a share lacks directional bias.

• The data set is available in real-time (on request)

• The readings are subject to change as the price action develops.

Lester Davids

Senior Investment Analyst: Unum Capital