Harmony Gold Stock (JSE: HAR) Surges 40% as Gold (XAU) Rally Lifts JSE Top 40

Quick overview

Harmony Gold (JSE: HAR) has risen 40% since March and is one of the top performing stocks on the JSE this year.

The rally is driven by surging global demand for gold as investors seek safety in the face of escalating trade tensions and a weakening US dollar.

With spot gold prices above $3,220/oz, South African miners like Harmony – already well leveraged to gold – are benefiting from expanding margins and positive sentiment.

This gold driven surge has taken the broader FTSE/JSE All Share Index up 7% year to date in dollar terms, outperforming benchmarks like the S&P 500 and MSCI Emerging Markets Index.

Quick Stats:

• Gold forecast (2025): $3,220/oz

• Expected ROIC for SA miners: ~15%

• JSE All Share Index (USD): +7% YTD

• Harmony Gold (HAR): +40% since March

HAR Technical Analysis: Is the Rally Overheating?

On the chart, HAR is in a strong uptrend, recently touched ZAR 36,182, a key Fibonacci resistance zone. While the price action is bullish, the RSI at 80.5 is overbought – so be cautious of near term consolidation or a pullback.

Key Technical Levels:

• Immediate resistance: ZAR 36,182

• Fibonacci support zones:

  • 23.6%: ZAR 33,361

  • 38.2%: ZAR 31,617

  • 50%: ZAR 30,206

• Trendline support: ~ZAR 28,800

• RSI: 80.5 – overbought

Trade Setup: Watch the Dip for Reentry

For those looking to trade Harmony, chasing the highs is risky. A better approach may be to wait for a pullback to key support levels.

Buy Zone (on pullback): ZAR 30,200 – 31,600

Stop Loss: Below ZAR 28,800

Upside Targets: ZAR 36,000 → ZAR 38,572

Confirmation Signals:

• RSI cools below 70

• Daily close above ZAR 36,200 with volume

Conclusion

Harmony Gold’s 40% rise since March is a gold market macro play. As safe haven flows increase and gold prices keep going up, HAR is one of the top performers on the JSE this year. But with momentum indicators overbought, waiting for a dip may be the smarter way to get in this still bullish trade.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

Related Articles

Naspers Buys Back R22.9B in Shares—Will Breakout Above R4,651 Hold?

3 h ago

Save

Sasol Limited Shares Eye R80.29 as JSE Bulls Reclaim Momentum

3 h ago

Save

Promising Anglo American AAL Stock Reclaims Losses as Stock Markets Dive

21 h ago

Save

Comments

0 0 votes

Article Rating

Subscribe

Login

Notify of

new follow-up commentsnew replies to my comments

Please login to comment

0 Comments

Oldest

Newest Most Voted

Inline Feedbacks

View all comments