USD INDEX
The uptrend continued with a higher high and higher low on the daily charts. The contradiction shows a red candlestick with today’s close slightly below the open, as well as being below yesterday’s open. Buyers established resistance at 98.74, matching the area which has proved to be a ceiling for the past several days. Sellers will aim below 98 in an attempt to reverse the trend.
S&P 500
Sellers won out today, adding to the newly formed downtrend. Resistance sits at 6035, with support set at 5971. (NASDAQ closed today in observance of Juneteenth holiday in the US) The S&P index moved in tandem with the USDX as both moved lower on the day. Sellers will aim to test 5900, while buyers look up to retake the pivotal 6000 level.
GOLD
Neither buyers or sellers were able to add to any intraday moves as prices closed alongside yesterday’s close price, signalled with a doji-like candlestick confirming the lack of direction. Resistance sits at $3399 with support lower at $3347. The close price reads $3370. The EMAs point downwards confirming the downtrend, with a 3rd consecutive day of lower highs and lower lows on the daily charts. Noteworthy that golds safe haven status has not come into play since the start of the middle east war which is in it’s 7th day. Should there be a demand for the metal, buyers will look up to retest $3400. The $3300 level still looks pivotal and sellers would need a break below that level to undo the longer term uptrend and series of higher lows on the daily chart.
BRENT OIL
Sellers were first out the block and set support at $74.97 before buyers stepped in and went on to establish resistance at $77.16. The uptrend remains firmly intact adding to the series of higher lows on the daily chart. While the middle east conflict shows no signs of an imminent end, supply concerns continue to add to the demand and in so doing pushing prices higher. Buyers are looking above $78. Factors to consider: profit taking and overbought technical readings (RSI at 71).
BITCOIN
Today was a non event for the cryptocurrency which traded in a narrow $1.3K range between $103.9K and $105.2K. Note todays close sits alongside the close price for the past 3 days with little change to the established downtrend. In order for a meaningful move in either direction, at a minimum buyers aim for a break above $106K, while sellers look below $103K. Interesting that since the middle east war started a week ago, neither gold nor bitcoin have attracted demand as a safe-haven, while the USD has shown resilience.
