USD INDEX
A familiar slow start and a strong finish saw the index continue its march higher with all technicals confirm the uptrend. Higher highs and higher lows for the 3rd consecutive day with the leading EMA signalling the growing momentum. Support sits at 98.01 with resistance established at 98.57. Buyers will aim above 99 while sellers look below 98 to reverse, or at least halt the move higher.
S&P 500
Buyers did try higher early on, only for sellers to step in, erase gains and finish the day with a slightly lower close. Resistance sits above at 6072 with support established at 6024, in close proximity to yesterday’s close price. The fundamentals - FOMC holding rates, no news on the tariff front and the White House sending conflicting messages re. actively joining the middle east conflict - all leaving the equity index relatively unchanged. Sellers will aim below 6000 while buyers look up to regain the 6100 mark.
GOLD
The traditional inverse relationship played out with the metal weakening against a strong USD. Resistance set at $3399 with support established at $3362. Again, buyers have struggled to break above $3400 with sellers doing enough to cancel the weak uptrend. Interestingly gold’s safe haven status has not created demand for the commodity as prices have basically been contained within the $3350 and $3400 range. As has become a familiar pattern, gold holds its own when the USD strengthens, and the meaningful moves higher are reserved for bouts of USD sell-offs.
BRENT OIL
Sellers were first out early and went on to set support at $74.46 before buyers stepped in and recouped the losses on the way to establishing resistance alongside yesterday’s high at $77.42. While the daily candlestick does reflect a lower close, the bias remains up with higher lows adding to the uptrend. Buyers are aiming above $78. As the middle east conflict continues, supply concerns are contributing to the demand.
BITCOIN
Neither buyers or sellers were able to break outside a narrow $2K range between $103.5K and $105.5K. The trend remains down with a 3rd consecutive lower high on the daily charts. While buyers look up to the $107K area, sellers continue struggling to close below $104K on the downside. Noteworthy that Bitcoin has remained relatively flat since the start of the middle east conflict. While the cryptocurrency has failed to attract demand as a safe haven status, sellers have not been able to put in a meaningful push lower.
