USD INDEX
Sellers were first out the block and sold off the U$ early before buyers stepped in, closed higher than the open and concluded with a green candlestick adding to the current uptrend. Conflicting technicals show price action contained under the year-long descending trendline and the 3rd consecutive day of lower highs. Resistance established at 101.00 with support sitting at 100.06. Buyers will aim above resistance and the descending trendline while sellers look below 100.00.
S&P 500
A 6th consecutive day of higher lows adding to the current uptrend. A narrow trading range with buyers marginally winning out. Limited demand together with a lack of sellers was enough for buyers to maintain the edge. Resistance at 5922 matching yesterdays high with support set at 5888. In keeping with the theme that no news is good news on the tariff/trade deal front, positive sentiment together with solid economic data all adding to the current upward bias.
GOLD
Sellers added to the week-long sell-off in emphatic fashion. Support now sits at $3168 with resistance at $3255. Note the support matches the high/resistance from April 3rd. Buyers have failed to step in and appear to be waiting for a floor to be established. Bearing in mind that the metal’s historic rally from the start of the year at $2600 up to $3500, has created a natural profit taking scenario and the $500+ rally (current level) is a significant move which confirms the commodities safe-haven status. Sellers, and perhaps buyers too, may be eyeing the $3000 level as being pivotal going forward.
BRENT OIL
Sellers stepped in today and although the pull back was limited, the week-long demand did take a breather as buyers stood on the sidelines. Resistance remains at $66.66 with support established at $65.70. Note the correlation with the S&P which had very marginal gains today - may have contributed to the oil market’s natural retracement. While buyers will aim at $67 on the upside, sellers will aim below $65.
BITCOIN
Another sideways day with the trading range narrowing even further?somethings got to give. Lower highs and higher lows have formed a symmetrical triangle which leaves bitcoin hovering around the $103.5K area. Buyers will aim to break above $104.4K resistance while sellers aim to break below $102.5 support. Todays move lower was enough to signal a gentle cross down on the EMAs. With neither side taking control the bias does not appear to be tilted in either direction although sideways trends have tended to favour an upside break since April 2025.
