USD INDEX
The USD’s attempt to fight back following Friday’s sharp sell-off was unsuccessful, to say the least. Lack of demand and any new positive data gave buyers nothing to work with, as the index closed back where it started at the day’s open. Resistance at 98.78 with support lower at 98.37. Technically the bearish engulfing candlestick signals further downside activity.
S&P 500
Buyers stepped in with a strong showing and recouped Friday’s losses. Notwithstanding, the downtrend remains intact. Should today’s demand for US equities follow through, buyers will aim to retake the 6400 level. Resistance sits at 6359, with support sitting lower at the well-established 6268 support level. Buyers may well have seen the lower prices as a buying opportunity, as well as a safer alternative to the troubled USD.
GOLD
The metal continued to find buyers amidst a shaky USD and political uncertainty, as demand for the safe haven commodity confirms a 3rd consecutive day of higher highs and higher lows on the charts. The move higher was enough to signal an uptrend as the EMAs crossed to the upside. Support at $3342 with resistance established at $3385. Buyers will aim at $3400 on the upside.
BRENT OIL
Sellers continued to push prices lower adding a 3rd consecutive lower high and lower low on the charts. Supply concerns tied to geopolitical unrest take a backseat to the possibility of a global economic slowdown resulting from the US’s tariff/trade deals and global recessionary fears. Today’s move lower did enough to signal a downtrend as the EMAs crossed downwards. Resistance at $70.04 with support set at $67.97.
BITCOIN
A gentle push higher added to the bullish engulfing candlestick/double bottom on the daily chart. Price activity was limited and was contained within a narrow $1.6K range. The downtrend remains in place. Support sits at $114.1K with resistance established at $115.7K. While buyers look up to the $118 - $119K level, sellers look below at the $112K support area.
