USD INDEX
The unwinding of the USD continued with sellers in total control. Lower highs and lower lows for the 3rd consecutive day added to the current downtrend. While technicals and fundamentals contribute to daily fluctuations, the overriding lack of confidence in the global safe haven currency has created negative sentiment surrounding the dollar. Note the succession of lower highs from the start of the year. Resistance sits at 97.73 with support lower at 97.00.
S&P 500
Following an early sell-off, buyers stepped in, recouped losses and kept the index on track to establish yet another record close. Note the series of higher lows since April 2025. Sellers continue to remain on the sidelines as demand for US equities has so far remained unaffected by tariff threats as buyers continue to maintain control. Factors which could unsettle the markets will come to the fore in August when tariff/trade deals are scheduled to come into effect. Trumps feud with Fed chairman Powell may also threaten the bull run. Resistance stands at 6352 with support below at 6318.
GOLD
The inverse relationship between weak USD and strong gold is playing out in textbook fashion. Demand for the safe haven commodity was strong for the 2nd consecutive day as buyers test resistance levels for the 4th time since the record highs ($3499) set in April 2025. Resistance sits at $3432 with support lower at $3383.
BRENT OIL
Sellers were first out the block, buyers stepped in to recoup losses, and prices closed in the middle of the range. The trend is down with a 3rd consecutive day of lower highs and lower lows on the chart. Support was established at $67.31 with resistance at the open price - $68.35. Note the support sets up as a relevant level - tested earlier this month on the downside (July 7th) and was established as a resistance area in April 2025. Price action appears to be dictated by technical levels rather than fundamental issues such as geopolitical conflicts and global economy concerns.
BITCOIN
An early sell-off was followed by buyers stepping in and taking control. Once again buyers protected the support area, and once again got held up at resistance levels. Price activity was contained within a familiar $4K range. Support at $116.1K with resistance at $120.2K. While sellers aim for a close below $117K, buyers look for a close above $120K.
