USD INDEX
Buyers won out today ending a 4 day losing streak. Notwithstanding the daily green candlestick, the chart reflects a 5th consecutive lower high and lower low adding to the downtrend. Resistance reads 97.26 with support lower at 96.85. Negative USD sentiment continues to dictate the overall theme.
S&P 500
The push higher was gentle, nevertheless the index made a new record high as demand for US equities continues. Sellers remain on the sidelines. Interesting that the market appears to have absorbed the initial tariff shock with the net result having a positive impact on the major US stock markets, for now. Officially August 1 remains deadline date and there is no deal with China or the EU at this point. Resistance set at 6416 with support lower at 6394.
GOLD
Yesterday’s bearish candle played out today with a 2nd consecutive day of sellers taking charge. The move lower today ties in with the inverse relationship between strong USD and weak gold. Buyers did step in at the start of the US session and recouped a portion of early losses. Support established at $3350 with resistance at $3393. Technical factors appear to be driving prices rather than fundamentals, as the commodity maintains its safe haven status.
BRENT OIL
Price activity was constrained within a loosely formed $1 trading range. Resistance at $68.74 with support at $67.68. Buyers were the winners today as the chart confirms a higher low and higher high within a narrow sideways trend. Technically the EMAs do reflect a downtrend.
BITCOIN
Buyers tested higher, sellers tried lower, only for prices to close back where they started the day. A doji-like candlestick confirms the uncertainty. Price action contained within the well-established sideways range. Resistance at $119.5K with support below at $117.2K. Bias feels tilted to the upside with buyers protecting the support area vigorously. Buyers continue to aim above $120K.
