USD INDEX
A quiet day across the markets as a result of the Memorial Day public holiday in the US. A gap down to start?early selling in the Asian session, followed by buyers in the European session resulted in a close price very near the open and back where it started. Technically the daily candlestick reflects a lower high and lower low as the downtrend remains in tact. Fundamentally the negative sentiment surrounding the USD remains. Resistance at 98.99 with support at 98.58.
S&P 500
With US equity markets closed for Memorial Day, price action was limited in pre-market trading. Buyers did win out with a green daily candle making for a higher high and higher low on the charts. Resistance established at 5896 with support sitting at 5858. The unsettled US/EU trade negotiations could add volatility when Wall street re-opens tomorrow.
GOLD
A gap down to start, limited moves from both buyers and sellers resulted in a doji-like candlestick confirming the lack of direction. The trend and bias remain up with buyers aiming to break above the $3357 resistance. Sellers will aim below $3322 support and may see the resistance as a new lower high when stepping back and looking at the big picture. While golds safe haven status is unquestioned, variables such as the performance of the USD, profit taking and technical overbought readings can all contribute to daily price action.
BRENT OIL
Activity was limited as price action was contained within a narrow range between $63.94 and $64.70. The daily trend is sideways with both EMAs basically at the same level. While buyers will be looking to break above $65 sellers may look at todays resistance as a lower high on the way to breaking below the $64 mark.
BITCOIN
In keeping with todays allround market inactivity, the cryptocurrency also took the day off and traded within a narrow $1.8K range between $108.6 and $110.4K. Buyers did enough to add a green candlestick and maintain the uptrend. While the positive sentiment surrounding bitcoin remains, buyers will look up to $112K with sellers aiming below $107K in order to reverse the trend.
