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Gold is trading above $2,700, shattering previous records and catching the attention of investors worldwide. The precious metal surge has been fuelled by a complex web of factors, including central bank actions, geopolitical tensions, and the ongoing inflationary environment. But with such a steep climb, is the rally sustainable, or is the market headed for a correction? Year-to-date chart on Gold. Deeper Dive into the Key Drivers: Inflation and Real Yields:  Inflation remains a key pillar for gold’s strength. This dynamic reduces the opportunity cost of holding gold, driving demand higher. A major factor to watch is whether inflation begins to cool significantly—if real yields rise, it could temper gold’s appeal. Central Bank Activity:  Central banks have been significant buyers of gold, particularly in emerging markets, as they diversify away from dollar reserves. The question now is whether this trend will continue. With rates potentially peaking or even being cut in the coming months, gold’s status as a non-yielding safe haven could remain attractive. However, any sharp policy shifts or liquidity tightening could impact demand. Geopolitical Risk:  Global uncertainty—from geopolitical tensions to supply chain disruptions—continues to stoke investor fears, prompting a flight to safety. These risks are hard to predict, but if tensions escalate, gold could rise further. Conversely, any resolution in major conflicts might cool demand for safe-haven assets like gold. Outlook: New Highs or a Pullback? While gold’s fundamentals appear strong, the rapid ascent suggests we might see short-term profit-taking or volatility. However, if inflation remains persistent, and central banks signal dovish policies, the long-term outlook for gold could remain bullish. Let's hear your thoughts. Take part in this poll on our social media platform . Gold will continue to hit record highs and surge above $2750. Gold will stabilise between $2700 and $2730. The gold bubble will pop and it will drop below $2700 and move closer to $2650. Stay ahead of the curve with Unum Trade’s timely market insights and refer to our disclaimer at https://unum.capital/research-disclaimer/

This page is updated as the price action and news flow develops and, as opportunities are identified in real-time. Research is published DAILY and can be accessed at the following link: www.unum.capital/blog Yesterday (Thursday) I discussed Standard Bank, Sempra, Spar, DRD Gold, JSE Sector Ratings (and more). In case you may have missed it, you can read it here: https://www.unum.capital/post/active-trading-plan-thursday-17-october-2024 Unum Research Attains 3rd Place In The 2024 Securities Broker Awards. Read More Here:   https://www.unum.capital/post/unum-research-awards COVERAGE: Notes Added Thus Far Today/Overnight GFI Gold Fields Ltd SSW Sibanye Stillwater My Watchlist: Short/Sell Candidate TGA Thungela Resources - Cash Flow For Active Traders Shoprite Holdings (SHP) Truworths (TRU) Bidvest Group (BVT) Exxaro Resources (EXX) Tiger Brands (TBS) Most Overbought/Oversold Strongest/Weakest Open To Close GFI Gold Fields Ltd [Friday, 18-Oct, 08h05] - Big Bounce Off The Rising 21-Day EMA (Flagged Via Strategy Sheet) - At current levels, it's a poor reward-to-risk for fresh buy/long trades. SSW Sibanye Stillwater [Friday, 18-Oct, 08h03] - For now, messy and lacking a real directional bias! TGA Thungela Resources [Friday, 18-Oct, Pre-Market] Short Term Ccash Flow For Active Traders. At the beginning of the week, my trade setups sheet highlighted TGA as a potential buy/long re-entry on a pullback to the 21-day EMA. The share traded into this level on Wednesday and yesterday (Thursday) which was followed by a strong rebound from R116 to above R121. Recently, I also highlighted the share as a potential bullish reversal opportunity from 10692, from which we saw it trade up to a high above R124. Prior to this the TTG was useful in highlighted the incoming weakness at the prior swing highs and warning of a potential pullback to the 8 or 21-day EMA. SHP Shoprite [Friday, 18-Oct, Pre-Market] Looking to breach short term support / poor candle structure / technical regime: weak / currently capped by the declining 8-day EMA / below the declining 21 & 50-EMA which will act as a resistance range upon an immediate rally. TRU Truworths [Friday, 18-Oct, Pre-Market] Zooming out (weekly chart), the general trend has been strong, with the share now making it's 3rd attempt to clear the prior highs while it is the 4th test of the multi-year resistance at R115 to R118. With the trend strong and the valuation not excessive, one would think that the resistance is eventually breached to commence a new leg/multi-year regime. BVT Bidvest [Friday, 18-Oct, Pre-Market] It's been over year and the share is trading at the same level. In a way, it appears as if this share hasn't participated in the SA-Inc rally. Perhaps the immediate effect of 'optimism' is first seen in retail and banking stocks and then, down the line, in the industrial counters which will benefit from a 'longer term' improvements in infrastructure. Over the last few week, it's been a back and forth consolidation just below the highs. If you are a short term trader with a laser sharp focus, then the volatility is welcomed and, if you're a medium term trader looking for a name that hasn't yet run too hard, then the aforementioned consolidation is a prime structure to potentially catch the early stages of a move. I'd wait for confirmation above R298 to indicate that a new trend to the upside has commenced. EXX Exxaro Resources [Friday, 18-Oct, Pre-Market] Recent client buy/long idea at R153 which traded up to R175. The share has since retraced and, has been consolidating in the form of a falling wedge technical formation. Noted is the slight improvement in candle structure (strong open to close). It's possible that this falling wedge formation has several days to play out however, I'd be looking for a strong break above the downward trend line to trigger a resumption of the medium term upward trend. TBS Tiger Brands [Friday, 18-Oct, Pre-Market] While the long term structure remains appealing (monthly chart published on 01-August), the short term momentum appears to be waning, with resistance at R248 and deteriorating candle structure. The incline support extending back to the swing lows of late September also appears to be at risk. The big breakout level was at R215, which is a level to which the price could revert in the short term. MY WATCHLIST: Short/Sell Candidate Momentum has been very strong, with the likelihood that the previous swing highs will be tested. To become a client email lester@unum.co.za [Friday, 18-Oct, Pre-Market] Strongest/Most Overbought/High Bullish Momentum as of the last close. Weakest/Most Oversold/High Bearish Momentum as of the last close. Most Dominant Buyers (Open To Close) Most Dominant Sellers (Open To Close) Lester Davids Analyst: Unum Capital

This page is updated as the price action and news flow develops and, as opportunities are identified in real-time. Research is published DAILY and can be accessed at the following link: www.unum.capital/blog Yesterday (Wednesday)  I discussed JSE Top 40 Index, EUR/USD, Goldfields, Remgro, S&P 500, Sanlam   (and more).  In case you may have missed it, you can read it here:   https://www.unum.capital/post/active-trading-plan-wednesday-16-october-2024 Unum Research Attains 3rd Place In The 2024 Securities Broker Awards. Read More Here:   https://www.unum.capital/post/unum-research-awards COVERAGE: Notes Added Thus Far Today/Overnight [Global Ideas] Sempra - (Energy Infrastructure) JSE Sector Ratings Standard Bank Spar Group DRD Gold - Base Breakout/Accelerating Momentum [Global Ideas] iShares MSCI Global Select Metals & Mining ETF Cisco Systems - Upgraded To BUY at Citi Anglo/BHP Speculation (See FT) My Trading Notes Re-Emerging Momentum: U.S Coal Stocks NuScale Power Corp - Nuclear is Hot! Target Reached +45% Gain. U.S Global Jets ETF - Target Exceeded - Now +49% Most Overbought/Oversold Strongest/Weakest Open To Close [Global Ideas] Sempra - (Energy Infrastructure) [Thursday, 17-Oct at 12h57] Constructive technical setup (emerging from a base) + the street has positive view as shown via the increase in target prices. JSE Sector Ratings [Thursday 17-Oct, 11h22] Standard Bank (SBK) - The share reached the re-entry sell zone, trading from R244 down to R235. Great cash flow for active traders. [Thursday 17-Oct, 10h10] Spar has reversed it's upward trend and is consolidating within a short term trading range that could possible resolve to the downside. My next best probability buy range is below R117, which is the lower boundary of the medium term parallel channel. The current short term bearish structure is invalidated on strong candle structure and a print above 13320c. [Thursday 17-Oct, 09h55] DRD Gold  - Base Breakout/Accelerating Momentum [Thursday 17-Oct, 09h40] It's taken a while but this was previously highlighted as a buy/long idea. Can it pull back in the short term? Yes. However, the medium term structure remains appealing PICK ETF - Watchlist Buy Idea - Notes on Chart [Thursday 17-Oct, 08h17] Cisco Systems - [Wednesday, 16-October. 23h47] I highlighted this name in Tuesday's note. The share has been upgraded to buy at Citi. Anglo/BHP Speculation (See FT) - [Wednesday, 16-October. 22h36] Did you see this FT story out a few hours ago? Could be very support of re-igniting interest in commodity shares in the short term. My Trading Notes   [Wednesday 16-Oct at 21h56] - To become a client, contact lester@unum.co.za Re-Emerging Momentum: U.S Coal Stocks [Wednesday 16-Oct at 20h41] Two of these name caught my attention over the past few days and one appeared on a screener this evening. If you are trading global equities, Arch Resources, Peabody Energy and Warrior Met Coal could be of interest. Arch Resources (ARCH) Peabody Energy (BTU) Warrior Met Coal (HCC) NuScale Power Corp [Wednesday 16-Oct at 17h11] The 'Nuclear' theme has been hot and I used the momentum to publish an idea in a smaller company called NuScale Power Corp. I gave this trade until March to work. It took 2 weeks to reach it's full target, with a 45% gain! There are plenty of opportunities to make money. Edit at 21h44 - the share is now higher by 40% for the day, trading above $19. U.S Global Jets ETF [Wednesday, 16-Oct at 16h18] One year since publishing this idea. Now higher by just under 50%. To trade global instruments, you will been an offshore account. To Get started, contact the trading desk today. Strongest/Most Overbought/High Bullish Momentum as of the last close. Weakest/Most Oversold/High Bearish Momentum as of the last close. Most Dominant Buyers (Open To Close) Most Dominant Sellers (Open To Close) Lester Davids Analyst: Unum Capital

This page is updated as the price action and news flow develops and, as opportunities are identified in real-time. Research is published DAILY and can be accessed at the following link: www.unum.capital/blog Yesterday (Tuesday)  I discussed Impala Platinum, Naspers, Discovery, Cisco Systems, Invesco MidCap ETF   (and more).  In case you may have missed it, you can read it here:   https://www.unum.capital/post/active-trading-plan-tuesday-15-october-2024 Unum Research Attains 3rd Place In The 2024 Securities Broker Awards. Read More Here:   https://www.unum.capital/post/unum-research-awards COVERAGE: Notes Added Thus Far Today/Overnight JSE Top 40 Index GFI - Here's How Technology Helped Our Traders Uncover Opportunity FX: EUR/USD - Short Term; Excessively Oversold US 10-Year Bond Yield S&P 500 Index US Markets / Interest Rate Story! Talking Points African Rainbow Minerals Sanlam IWM Russell 2000 / Small Caps / Regional Banks - Strong and Making New Highs! Anglogold Ashanti (ANG) - Cash Flow For Active Traders Remgro (REM) - Strong Upside Follow-Through; Reduce, Some Pacer US Cash Cowz 100 ETF (COWZ) JSE Top 40 Index (Wednesday, 16-Oct at 12h03) My aim is NOT to call the exact top or bottom in any price but to rather assess reward-to-risk which may coincide with major short, medium and long term turning points. There are however occasions when my timing is in line with a bullish or bearish reversal which then helps clients to capitalize on opportunities, specifically counter-trend moves. Most recently (Friday, 27 September) my note on the JSE Top 40 Index highlighted the overbought conditions in place, with the Tactical Trading Guide warning traders against new buy/long positions at the index level. As noted on the model at the time, 'the buy/long reward-to-risk is unappealing' and '...expect a minor retracement'. At current levels, the index is in a NEUTRAL range and to be frank, offering little clarity on either up or downside. When assessing the current regime, one word comes to mind: INDECISION! TACTICAL TRADING GUIDE (CURRENT READING) - NEUTRAL As Discussed: GFI - Here's How Technology Helped Our Traders Uncover Opportunity [Wednesday, 16-Oct at 09h53] Recent lows: "...Expect a small rebound..." - Time Frame (5 to 8 weeks) FX: EUR/USD - Short Term Excessively Oversold [Wednesday, 16-Oct at 09h34] Appealing buy/long reward-to-risk US 10-Year Bond Yield [Wednesday, 16 Oct at 09h02] The yield reversing just below my resistance zone (as discussed). S&P 500 Index [Wednesday, 16-Oct at 08h54] Early signs of deteriorating candle structure with the SPX closing lower by 0.91% yesterday evening. Monday's model reading warning traders of a potential failure to hold the highs + the technical regime in a high bullish momentum / approaching overbought range. U.S Market Snapshot - massive divergence between Small Caps/Nasdaq tonight! Tuesday, 15-Oct / 21h39 Talking Points African Rainbow Minerals (ARI). Big pullback in these China-exposed names. AR back at the 61.8% Fibonacci retracement area. Yes, they can trade lower, but look for a reclaim of the previous day lows for a potential reversal trade (some of you may know it as a piercing candle).   Tuesday, 15-Oct / 21h33 . Sanlam (SLM). Insurers have been very, very strong. This is a global theme and JSE insurers also have a roll to play. SLM is making another attempt at R90. Well, approaching R90. As you might already know, the more the price tests a certain level, the greater the chances of a breakthrough. Tuesday, 15-Oct / 21h24 . Anglogold Ashanti (ANG) - Cash Flow For Active Traders Noted Added Tuesday 15 October at 17h39 Strong bullish reversal from just above R440 to above R480 The reading from the TTG acting as a guide to opportunity. Remgro (REM) - Strong Upside Follow-Through From R132 to R162 (Multi-Month High) - Reduce, Some. Note Added at 16h57 on Tuesday, 15 October 2024 IWM Russell 2000 / Small Caps / Regional Banks - Strong and Making New Highs! Tuesday, 15-October at 18h36 Small caps with very strong price action this evening (looks like a move on the back of lower yields) Aligns with my comments in July around regional banks/large banks (these make up a significant weight in the small cap space). As discussed in July. Pacer US Cash Cowz 100 ETF (COWZ) Note Added Pre-Market US Session (Tuesday 15 October 2024) at 15h05 Strength below multi-month highs Looking for a breakout above $58.60 Medium Term Portfolio Idea Lester Davids Analyst: Unum Capital

This page is updated as the price action and news flow develops and, as opportunities are identified in real-time. Research is published DAILY and can be accessed at the following link: www.unum.capital/blog Yesterday (Monday) I discussed Northam Platinum, Ethereum, Clicks, Standard Bank, Old Mutual, SPDR Metals and Mining ETF (and more). In case you may have missed it, you can read it here: https://www.unum.capital/post/active-trading-plan-monday-14-october-2024 Unum Research Attains 3rd Place In The 2024 Securities Broker Awards. Read More Here:   https://www.unum.capital/post/unum-research-awards COVERAGE: Below are the items covered thus far today/overnight. Included on this page are views expressed from which overlaps from yesterday's/the last U.S trading session (both pre-market and intraday). FX: EUR/USD Impala Platinum (IMP) Naspers (NPN) - Approaching The Rising 21-EMA Sector Breadth New Highs/Lows Discovery (DSY): Take Note Tencent Holdings BHP Group (BHG) - Cash Flow For Active Traders Most Overbought/Oversold Strongest/Weakest Open To Close [Global Ideas] Cisco Systems (CSCO) [Global Ideas] Invesco S&P MidCap Quality ETF (XMHQ) [Global Ideas] Marvell Technology (MRVL) [Global Ideas] iShares Expanded Tech Sector ETF (IGM) [Global Ideas] iShares U.S. Transportation ETF (IYT) FX: EUR/USD Noted added on Tuesday, 14 October 2024 at 16h05 Model reading + price action aligning. Good spot to buy for a short term rebound (current levels or slightly lower) IMP Impala Platinum - Down by close to 5% so far today Note Added on Tuesday, 14 October 2024 at 12h22 We saw this reading (see attached) on Friday evening and again last night, warning around the potential failure to hold the highs. Remember IMP went from 70 to 106 within a month (along with it's peers also advancing by a similar margin). It's never a straight line up, so the pullback is very normal. Not only does this data set help traders find opportunity, it also helps to manage risk. Naspers (NPN) Note Added On Tuesday 15 October 20224 at 09h16 Now approaching the rising 20-day EMA - could overshoot to the downside, but for active traders, this might be a level to pick up a few ZARs. Sector Breadth Note Added On Tuesday 15 October 20224 at 06h37 If you want to understand your current market environment, then this is the kind of data you need to continuously monitor. If you don't understand why it's important, chat to me and I'll explain. New Highs/Lows Note Added On Tuesday 15 October 20224 at 06h37 If you want to understand your current market environment, then this is the kind of data you need to continuously monitor. Discovery (DSY): Take Note Of This Model Reading Note Added On Tuesday 15 October 20224 at 06h03 Last night, as I reviewed the Tactical Trading Guide, this reading caught my eye. For some context, this has been the most recent levels on my DSY chart. Now R172...but buy/long trigger months ago at R113.50. Tencent Holdings Note Added On Tuesday 15 October 20224 at 05h57 Naspers have us a model reading which warned of a short term pullback. For both NPN & PRX, this is likely to continue as Tencent continues to unwind from short term overbought conditions. Tencent previously exceeded both upside targets and is now likely to re-test it's previous breakout level, which is in line with it's 50-day EMA. BHP Group (BHG) - Cash Flow For Active Traders Note Added Monday 14 October 20224 at 18h33 As discussed at the top of last week, a pullback to the 21-day EMA was the most probable price action scenario. This also represented an area for traders to re-enter on the buy long side for an ultra short term trade. Here, the share found support at the 21-day EMA, trading from R501 to R520. This entry level was also marked on the chart as a 'next best probability buy range'. As discussed last week Monday: BHG Follow Up Chart: Strongest/Most Overbought/High Bullish Momentum as of the last close. Weakest/Most Oversold/High Bearish Momentum as of the last close. Most Dominant Buyers (Open To Close) Most Dominant Sellers (Open To Close) Invesco S&P MidCap Quality ETF (XMHQ) Note Added During US Session (Monday 14 October 2024) at 20h20 (S/African Time) XMHQ is a passively-managed portfolio of 80 securities that tracks the S&P mid-cap 400 Quality Index. The equities are selected based on the highest quality score, calculated by the following three equally-weighted fundamental factors: (1) return-on-equity (2) accruals ratio, and (3) financial leverage ratio. The index is being weighted by the total of its quality score multiplied by its market capitalization and is rebalanced semi-annually. Marvell Technology (MRVL, $77.50) Note Added During US Session (Monday 14 October 2024) at 20h14 (S/African Time) Very strong price action below resistance - looking for the price to emerge from a multi-month consolidation range. Buy/Long Idea. iShares Expanded Tech Sector ETF (IGM) Note Added Pre-Market US Session (Monday 14 October 2024) at 16h17 Medium Term Portfolio Idea: Buy Breaking out from a multi-month consolidation range + not extended at all. Why IGM? (1) Broad exposure to the technology sector, and technology-related companies in the communication services and consumer discretionary sectors (2) Access to hardware, software, internet marketing, interactive media, and related companies (3) Use to express a view on North American technology-related companies iShares U.S. Transportation ETF (IYT) Note Added Pre-Market US Session (Monday 14 October 2024) at 13h50 Flashing via a screener, I noticed this setup over the last few days. Now breaking out of a multi-month base. Further upside to $80 - $83. IYT original chart (14 Jun 2023) is shown below: Lester Davids Analyst: Unum Capital

This page is updated as the price action and news flow develops and, as opportunities are identified in real-time. Research is published DAILY and can be accessed at the following link: www.unum.capital/blog On Friday I discussed U.S Financials, Thungela Resources, Tesla, DRD Gold, Harmony and HubSpot (and more). In case you may have missed it, you can read it here: https://www.unum.capital/post/active-trading-plan-friday-11-october-2024 Unum Research Attains 3rd Place In The 2024 Securities Broker Awards. Read More Here:   https://www.unum.capital/post/unum-research-awards COVERAGE: Notes Added Thus Far Today/Overnight Ethereum (ETH/USD) S&P 500 Index Northam Platinum (Video/Watch) Clicks: 2x Cash Flow Opportunity Standard Bank Group (Further Comment) JSE Sector Ratings Market Breadth: Summary of Technical Ratings Price Action Talking Points Trading Setups via Strategy Screens Naspers Ltd Pick n Pay Ltd Shoprite Holdings Foschini Group Old Mutual Ltd Nedbank Group Standard Bank Group [Global Ideas] SPDR S&P Metals & Mining ETF (XME) [Global Ideas] Uber Technologies: Currently Running +19% [Global Ideas] iShares Cybersecurity & Tech ETF (IHAK) - Reaches $50 [Global Ideas] Blackrock Inc...$1000: A Stone's Throw Most Overbought/Oversold Strongest/Weakest Open To Close Ethereum (ETH/USD) Note Added On Monday, 14 October 2024 at 14h30 The current position, consolidation and candle structure is similar to that of the January 2024 period which was a precursor to a strong advance. Today, the candle structure reflects strong buying interest, with an igniting bar and a print near 2-week highs. Supporting a bullish view is the reclaim of the 8 and 21-Day Exponential Moving Average (EMA) while the price is now challenging the 50-day EMA. S&P 500 Index Add Monday, 14 October 2024 at 14h12 Northam Platinum (NPH) - (Video/Watch) Note Added on Monday, 14 October at 11h35 Clicks Group Ltd (CLS) Comment Added on Monday 14 October at 11h03 For active traders, 2x cash flow opportunities, with the share trading into the sell re-entry range. Standard Bank Group (Further Comment), Added on Monday 14 October at 09h59 To note, we are now seeing a very decent reversal from the reading off the tactical trading guide. + the red zone is subject to change, as you also need to watch the price action in real time. Market Summary (as of Friday's close) JSE Sector Ratings JSE Market Breadth: Summary of Technical Ratings Price Action Talking Points The above graphic (JSE Market Breadth) is indicative of the overwhelming NEUTRAL regime that currently dominates the mid and large cap space. This of course is a short term 'trading' view which reflects the unwind from the recent overbought conditions that were in place and highlighted on 27 September. The preceding advance saw the share rebound from it's 21-week exponential moving average, with a subsequent print at all-time highs (driven by Naspers/Prosus and Resource shares). While the NEUTRAL regime may give impression that stocks are in a range and that that there is less opportunity than in previous weeks, several names have either retraced into their rising moving averages (a buying opportunity, see NED as a recent ultra short term play) or rallied from oversold into declining moving averages (see TGA as a recent opportunity to reduce into strength). For those with a well-defined process, there continuous opportunities to tactically take trades for short term cash flow. As always, in order to improve my chances of success, I'm sticking to my process. Trading Setups via Strategy Screens Premium Content Premium Content NPN NASPERS LTD | On 02 October my note cautioned against fresh longs, with the tactical Trading Guide highlighting the risk of a pullback. We have since seen the share retrace to below it's 8-day EMA. For new buy/longs, the rising 21-day is a 'first provisional level of interest' in terms of re-accumulation. The original note, warning traders can be read here: https://www.unum.capital/post/extremely-overbought-reduce-this-stock-into-strength PIK PICK N PAY was highlighted as a candidate to clear it's range highs from which it could embark on a potential bullish advance. It did that at 2480c and traded up to 3000c within less than a month. As noted at the beginning of last week, we could see a pullback as the share was excessively overbought in the short term. The provisional next best probability trading levels are shown on the chart. SHP SHOPRITE HOLDINGS | Very neutral/rangebound at current levels + capped by the 8-day ema. If the share rallies from current levels, the declining 21/50-ema (at roughly the same level) could act as a resistance zone and a next best probability level to sell into. TFG Foschini - Provisional Next Best Probability Actionable Areas OMU OLD MUTUAL | Traded into the buy re-entry range with positive price action on Friday. I don't have the direct information, but I noticed a comment saying that some of the insurance shares were downgraded by an international house. OMU was discussed here on Tuesday: https://www.unum.capital/post/active-trading-plan-tuesday-08-october-2024 NED NEDBANK GROUP | If you have access to my model (Tactical Trading Guide), then you would have seen the reading reflecting a buy into the rising 50-day EMA. On Thursday, the share tested this level for the first time in several month (rebounding strongly intraday), then testing the 50-day at Friday's open, followed by a bullish engulfing candle intraday (strong rebound from 287 to 295 - get in, get out, get paid!!!) SSW Sibanye Stillwater | Last week Thursday, before the market updated was released that the court judgement was against SSW, a client enquired re: the share. Here, my view was that the next best spot for active traders would be between approximately 1746c and 1795c. Following the SENS announcement, the share dropped by close to 11% before recovering off the lows of the day. This was followed by a minor rebound on Friday with the share higher by 2.44% as of the time of writing (13h51 SA Time). After a 46% move from it's recent trough to peak, the pullback to a more normal level appeared in order. Pick your spot, stick to the process and be patient! Note/Chart as of Friday 11 October at 14h26 SBK STANDARD BANK | Rebounding as per the model reading/reclaiming the 8/21 EMA on Friday with firmer price action. Next best probability actionable areas shown on the chart. Subject to change as the news flow as the price action develops. Note/Chart as of Friday 11 October at 14h24 [Global Ideas] SPDR S&P Metals & Mining ETF (XME) - Target exceeded, however, this setup remains very constructive. Not extended at all! Uber Technologies: Currently Running +19%. Higher by 10% In The U.S This Evening (Friday). Recently highlighted as a bullish setup in 'My Trading Notes". Note Added Friday, 11 October at 21h28 The Cybersecurity Theme Has Been A Massive Winner For Clients Who May Have Been Positioned The Upside Move. The ETF now trades just under $50, from the alert at $36.60. Blackrock Inc...$1000: A Stone's Throw Strongest/Most Overbought/High Bullish Momentum as of the last close. Weakest/Most Oversold/High Bearish Momentum as of the last close. Most Dominant Buyers (Open To Close) Most Dominant Sellers (Open To Close) Lester Davids Analyst: Unum Capital

This week, attention is focused on the European Central Bank (ECB), which is widely expected to cut its key policy rates by 0.25%. If confirmed, this would mark the ECB’s third rate cut of the year, following similar moves in June and September. While the ECB maintained a hawkish stance at its previous meeting, recent data has increased the likelihood of further easing. In August, core inflation climbed to 3.6%—the highest in the last four months—indicating underlying price pressures remain. Meanwhile, headline inflation held steady at 2.2% year-over-year, in line with expectations. Despite persistent core inflation, the weakening broader economy and falling headline inflation have bolstered the case for additional rate cuts. Key Points to Watch: Core Inflation vs. Headline Trends  – While core inflation remains elevated, the steady headline inflation and broader economic weakness support the ECB’s move toward easing. Markets expect the deposit rate could drop further by year-end, possibly reaching 3%. Caution Amid Energy Price Risks  – Rising energy prices driven by geopolitical tensions could still present an upside risk to inflation, which may prompt the ECB to be more cautious in its approach, even as it proceeds with the expected cut.   We Would love to hear your thoughts on the ECB decision: The ECB will cut rates by 25bps There is no need for the ECB to cut rates There is a possibility of a bigger than 25bps rate cut.     As the ECB navigates this challenging environment, its decision will be crucial for the eurozone’s economic outlook. Stay with Unum Trade for updates following the rate cut announcement. Please refer to the disclaimer at 🔗 https://unum.capital/research-disclaimer/

This page is updated as the price action and news flow develops and, as opportunities are identified in real-time. Research is published DAILY and can be accessed at the following link: www.unum.capital/blog Yesterday (Thursday) I discussed Amazon, Anglo American Plc, Ninety One, Impala Platinum, State Street (and more).  In case you may have missed it, you can read it here: https://www.unum.capital/post/active-trading-plan-thursday-10-october-2024 Unum Research Attains 3rd Place In The 2024 Securities Broker Awards. Read More Here:   https://www.unum.capital/post/unum-research-awards COVERAGE: Notes Added Thus Far Today/Overnight U.S Financials (Video/Watch) DRD Gold - Cash Flow For Active Traders. Strong Upside Follow-Through! Tesla Price Action: Cybertruck vs Robotaxi Shoprite (SHP) LISTEN: Clicks Group (CLS) LISTEN: Impala Platinum (IMP) JSE Top 40 Index Harmony Gold (HAR) - Strong Rebound As Per Model Reading Offshore: HubSpot Inc (HUBS) Offshore: Copart Inc (CPRT) Offshore: Cloudflare (NET) Thungela Resources: Possible Resistance Into 200-SMA Anglogold Ashanti (ANG) - Strong 2-day Bullish Reversal Most Overbought/Oversold Strongest/Weakest Open To Close U.S Financials (Video/Watch) Added on Friday, 11 October at 16h15 DRD Gold - Strong Upside Follow-Through. As highlighted at the beginning of this week, the share flagged on the Trade Setups sheet. Note Added: Friday, 11 October at 13h16 Tesla's Price Action. Last night Elon Musk and co. revealed the group's Robotaxi. With the share having advanced into the event, pre-market sees the price lower by close to 6%. Anyone remember the 2019 Cybertruck reveal and subsequent price action - gap down then rally? Maybe a similar setup here! Note Added: Friday, 11 October at 12h20 Long-time clients of Unum Capital will recall Tesla being an investment idea in September 2017 at $24...all time high was $410! SHP Shoprite Holdings | Very neutral/rangebound at current levels + capped by the 8-day ema. If the share rallies from current levels, the declining 21/50-ema (at roughly the same level) could act as a resistance zone and a next best probability level to sell into. Note Added: Friday, 11 October at 11h20 LISTEN/LOOK To:  Comment on Clicks Group (CLS) Added on Friday, 11 October at 09h38 LISTEN To: Comment on Impala Platinum Added on Friday, 11 October at 09h30 JSE Top 40 Index (J200) Note Added: Friday 11 October at 08h16 Harmony Gold HMY (NYSE Listing) Note Added: Thursday 10 October at 21h20 Massive rebound in the US this evening (+7.8%). Our traders will have seen the potential for a rebound as per the Tactical Trading Guide (time-stamped Tuesday evening at 7.30pm). "Expect a small rebound" as per the reading. These are cash flow generating opportunities. Offshore: HubSpot Inc (HUBS) Note Added: Thursday 10 October 2024 at 20h27 Re-emerging momentum; buy idea. Offshore: Copart Inc (CPRT) Note Added: Thursday 10 October 2024 at 20h23 Igniting bar; early stage momentum; buy idea. Offshore: Cloudflare (NET) Note Added: Thursday 10 October 2024 at 20h20 Igniting bar; early stage momentum; buy idea. Thungela Resources: Strong Price Action However, Possible Resistance Into 200-SMA Note Added: Thursday 10 October at 18h17 WELL DONE TO CLIENTS WHO MAY HAVE ACTED ON THE OPPORTUNITY. Anglogold Ashanti (ANG) - Strong 2-day Bullish Reversal Strongest/Most Overbought/High Bullish Momentum as of the last close. Weakest/Most Oversold/High Bearish Momentum as of the last close. Most Dominant Buyers (Open To Close) Most Dominant Sellers (Open To Close) Lester Davids Analyst: Unum Capital

This page is updated as the price action and news flow develops and, as opportunities are identified in real-time. Unum Research Attains 3rd Place In The 2024 Securities Broker Awards. Read More Here:   https://www.unum.capital/post/unum-research-awards COVERAGE: Notes Added Thus Far Today/Overnight Offshore: Amazon Inc (AMZN) Anglo American Plc (AGL): Model Reading + Actionable Areas Ninety One (NY1): 1st Target Reached EUR/USD: Approaching Ultra Short Term Oversold Levels US 10-Year Bond Yield (Video/Watch) Flash View: JSE Top 20 iShares U.S Financials ETF (IYF) Impala Platinum (IMP) Sanlam Ltd (SLM) Offshore: State Street (STT) Offshore: Churchill Downs (CHDN) South Africa 10-Year Bond Yield Most Overbought/Oversold Strongest Open To Close Offshore Idea: Amazon Inc (AMZN) Note Added on Thursday, 10 October 2024 at 13h34 Key Drivers At the forefront of global innovation Analysts are forecasting substantial free cash flow in the years ahead A driven founder/management team with significant interests (shareholding) Sector disruptor Technically: a 4-year consolidation, with re-emerging momentum at the top of it's range and potential to break out to new highs. ANGLO AMERICAN PLC (AGL) - MODEL READING + ACTIONABLE AREAS Note Added Thursday 10 October 2024 at 12h25 Ninety One (NY1): 1st Target Reached Note Added on Thursday, 10 October 2024 at 10h54 EUR/USD: Approaching Ultra Short Term Oversold Levels Note Added: Thursday, 10 October 2024 at 10h00 US 10-Year Bond Yield (Video/Watch) Note Added: Thursday, 10 October 2024 at 09h07 Please Scroll Down To Watch FLASH VIEW: JSE Top 40 Constituents By Market Cap Note Added: Thursday, 10 October 2024 at 08h46 iShares U.S Financials ETF (IYF) Note Added Wednesday, 09 October at 22h10 Quite a number of US financials that have been flashing on my screeners in the last few days. If you want to avoid single stock risk, take a look at this ETF. Impala Platinum (IMP) Note Added Wednesday, 09 October at 21h51 The trader's on the desk were guided to the appealing reward-to-risk at R71 from which the share has staged a massive rally to R106. The current price action reflects aggressive buying interest with the potential to break above the resistance level and revisit the previous swing high (R113 to R115) Here, there is potential for the share to test this range and then overshoot the upside, which could coincide with short term overbought conditions. Traders could then use the previous highs to reduce long positions or initiate a small short/sell position. Wait for the price/candle structure to reflect a slowdown in upward momentum. Alternatively, the rising 21-day EMA could act as a support range for traders who are looking to add on a pullback. All depends which level is test first! The initial setup was discussed here: https://www.unum.capital/post/analysis-from-the-tactical-trading-guide-impala-platinum-as-an-example-friday-13-september-2024 US 10Year Bond Yield Note Added: Thursday, 10 October 2024 at 09h07 Sanlam Ltd (SLM) Note Added Wednesday, 09 October 2024 at 21h02 Actionable Areas (long/short) Offshore Opportunities State Street (STT) Note Added Wednesday 09 October at 19h08 Screener Idea: Strong Technical Structure Offshore Opportunities Churchill Downs (CHDN) Note Added Wednesday 09 October at 18h49 Screener Idea: Strong Technical Structure SOUTH AFRICA 10-YEAR BOND YIELD Note Added Wednesday, 09 October 2024 at 18h31 The igniting bar highlighted saw strong upside follow-through from below 9% to 9.26%. The 21-day EMA has started to turning up and could act as a support zone on a pullback. This has implications for SA equities, especially banking and property, both of which have started to reflect higher SA bond yields. Strongest/Most Overbought/High Bullish Momentum as of the last close. Weakest/Most Oversold/High Bearish Momentum as of the last close. Most Dominant Buyers (Open To Close) Most Dominant Sellers (Open To Close) Lester Davids Analyst: Unum Capital

Today’s US Consumer Price Index (CPI) report is highly anticipated, with the consensus set at 314.86 and US core inflation forecasted at 3.2%. This data will be pivotal for the Federal Reserve’s next moves, especially in shaping interest rate expectations for the remainder of the year. In the previous CPI release, which aligned with expectations, gold dropped by $17 while US indices showed limited movement. Similarly, the USD/ZAR pair climbed around 9 cents immediately after the data release. If today’s report mirrors expectations, a similar reaction could occur, with gold seeing moderate price shifts and the markets largely maintaining course. Key Market Reactions to Watch: Fed’s Path Forward  – A higher-than-expected inflation number could solidify a hawkish stance by the Fed, potentially pressuring US indices like the S&P 500. In contrast, a softer inflation print might allow for a relief rally. Gold's Sensitivity  – A higher CPI is likely to pressure gold prices, as seen in the last report, whereas a lower reading may provide some upside for the metal. South African gold miners will be susceptible to these movements, as they often track gold’s direction closely. With today’s report set to shape domestic and global market sentiment, the next few hours will be crucial for gauging how US indices, gold, and South African equities react. Stay informed with Unum Trade for a detailed breakdown post-release. Please refer to the disclaimer at 🔗 https://unum.capital/research-disclaimer/

This page is updated as the price action and news flow develops and, as opportunities are identified in real-time. Unum Research Attains 3rd Place In The 2024 Securities Broker Awards. Read More Here:   https://www.unum.capital/post/unum-research-awards COVERAGE: Notes Added Thus Far Today/Overnight JSE Sector Ratings South 32 (S32): Provisional Buy Re-Entry Range Glencore Plc: Cash Flow For Active Traders JSE Top 40 Index - Now Lower By Over 2300 Points Mondi Plc Anglo American Plc (AGL) Standard Banks Group (SBK) Mr Price Group (MRP) S&P 500 Index Offshore: Palantir Technologies: 150% Higher Clicks Group (CLS) Anglo American Platinum (AMS) Shoprite Holdings (SHP) Most Overbought/Oversold Strongest Open To Close JSE Sector Ratings Note Added Wednesday, 09 October 2024 at 12h31 SOUTH 32 (S32) - MONITOR THE RISING 21-DAY EMA (OR OVERSHOOT TO THE 50-DAY) AS A BUY/LONG RE-ENTRY RANGE) Note Added on Wednesday, 09 October at 11h24 GLENCORE PLC (GLN) - Cash Flow For Active Traders Note Added Wednesday, 09 October 2024 at 11h03 Traders on the Unum Capital Trading Desk have access to proprietary tools, which help to assess risk and uncover opportunity. Glencore is real time example of how the assessment of price action has the ability to produce cash flow for active traders. As per the reading via the Tactical Trading Guide at the end of day on Monday 07 October, the short term reading stated the following: "Buyers in control but weakness in lower time frames. Look for a pullback to the 8 or 21-day EMA (buy range) before a potential next move higher". The following session, the share retraced, finding support EXACTLY on the rising 21-day EMA, then rebounding from 9488 to today's high of 9748. That is cash flow for active traders! JSE Top 40 Index Note Added: Wednesday 09 October 2024 at 10h39 Update: The index is currently lower by over 2300 points, in line with my model reading on Friday 27 September which warned re: the unappealing reward-to-risk and the probability of a retracement. The original reading and chart is shown below Mondi Plc (MNP) Note Added: Wednesday 09 October 2024 at 09h49 As discussed on Monday pre-market (see insert below), strong upside follow-through today Anglo American Plc (AGL) Note Added: 09 October 2024 at 07h14 Actionable Areas (Long & Short Side) 50-day EMA & incline re-test Standard Bank Group (SBK) Note Added: 09 October 2024 at 06h13 Actionable Areas (Long & Short Side) Mr. Price Group (MRP) Note Added: 09 October 2024 at 05h57 Actionable Areas (Long & Short Side) S&P 500 Index Note Added: 08 October 2024 at 21h03 Offshore: Palantir Technologies - is now 150% higher + clears $40 Note Added: 08 October 2024 at 18h56 Highlighted to clients on 09 January (see insert below) To trade global shares, you will need an offshore account. To open an account, email lester@unum.co.za Clicks Group (CLS) Noted Added: Tuesday, 08 October 2024 at 17h15 Shoprite Holdings (SHP) Noted Added: Tuesday, 08 October 2024 at 16h55 8, 21-DAY EMA sloping down - rallies into this range is likely to be sold. ANGLO AMERICAN PLATINUM (AMS) Note Added: Tuesday, 08 October 16h27 The share has run into a cluster of MA's and is unwinding from an short term overbought condition. R592 to R600 is a recognizable swing low extending back to July, which is next best provisional buy/long re-entry range. Strongest/Most Overbought/High Bullish Momentum as of the last close. Weakest/Most Oversold/High Bearish Momentum as of the last close. Most Dominant Buyers (Open To Close) Most Dominant Sellers (Open To Close) Lester Davids Analyst: Unum Capital

This page is updated as the price action and news flow develops and, as opportunities are identified in real-time. COVERAGE (Thus Far Today, Non-Comprehensive) BHP Group MTN Group Thungela Resources Naspers S&P 500 Index Old Mutual U.S Sector Breadth U.S Broad Market Breadth Watchlist Buy Candidate FirstRand JSE Top 40 Index Shoprite Truworths Most Overbought/Oversold Strongest Open To Close FX: EUR/USD BHP Group Note Added: Tuesday, 08 October 2024 at 11h07 The share is rebounding off the Support Level #2 which was discussed at the beginning of this week. The original chart is shown below - in order to obtain continuous access to trading opportunities, you need to be a client of Unum Capital. To sign up, email lester@unum.co.za MTN Group Video Added: Tuesday, 08 October at 10h38 Press Play To Watch Thungela Resources Video Added: Tuesday, 08 October at 09h57 Press Play To Watch Naspers Note Added: Tuesday, 08 October 2024 at 08h09 We should see the share under pressure today as the recently high flying Chinese shares retreat from short term overbought levels. Tencent is currently lower by over 7%. As discussed last week (Wednesday 02 October) via the model reading. S&P 500 Index Note Added: Tuesday, 08 October 2024 at 07h50 Old Mutual (OMU) Note Added: Monday, 07 October 22h08 Model reading at today's close coinciding with my manual review which looks for a potential buy/long re-entry at or below the 50-day EMA U.S Sector Breadth Note Added: Monday, 07 October at 21h38 The graphic highlights what percentage of sector constituents are above the 20-day moving average. Energy and Financials leading the charge. U.S Market Breadth Note Added: Monday, 07 October 2024 at 21h26 Market breadth stable for now 203 new highs vs 42 new lows Ticker: 🔒 - To become a client, email lester@unum.co.za Note Added: Monday, 07 October 2024 at 20h28 The market has been punishing the share since the deal was announced. The share has since continued it's pullback, and is approaching it's rising 200-day SMA. The structure is similar to that seen in July 2023 which offered an opportunity to buy in anticipation of a short term rebound for cash flow. Running the model for this name, this is what the data says: FSR FirstRand Note Added: Monday, 07 October 2024 at 19h55 Sell idea in play and in the money Best probability buy/sell levels shown on chart JSE Top 40 Index Note Added: Monday, 07 October 2024 at 17h44 Threatening a downside break of the 8-day EMA Next Support 21-day EMA Possibility of a test of the red zone remains. SHOPRITE (SHP) Noted Added: Monday 07-October-2024 at 17h14 TRUWORTHS (TRU) Noted Added: Monday 07-October-2024 at 17h16 Strongest/Most Overbought/High Bullish Momentum as of the last close. Weakest/Most Oversold/High Bearish Momentum as of the last close. Most Dominant Buyers (Open To Close) Most Dominant Sellers (Open To Close) FX: EURO/U.S. DOLLAR (EUR/USD) Noted Added: Monday 07-October-2024 at 17h59 Trading into the 21-week EMA + 75-EMA Minor rebound possible at or around current levels Lester Davids Analyst: Unum Capital Unum Research Attains 3rd Place In The 2024 Securities Broker Awards. Read More Here: https://www.unum.capital/post/unum-research-awards