USD INDEX
Buyers did attempt a fight back earlier this week, however it was unsuccessful with limited demand for the USD. Sellers stepped in today and made a significant push lower, breaking below the 3- day support level. The downtrend picked up steam with the leading indicator pulling away sharply. Resistance sits at 98.64 with support established at 97.92.
S&P 500
Buyers stepped in today and recouped yesterday’s losses. While the downtrend remains intact, practically the trend moves sideways with neither buyers or sellers making a significant break in either direction. Support sits at 6315 with resistance higher at 6376. The index moved in the opposite direction to the USDX, as is typical.
GOLD
While sellers did win out, the price action remained within a newly established sideways range. The uptrend remains in place, and today’s candlestick does add a 3rd consecutive higher low on the chart. Note the metal moved in the same direction as the USD (lower), as opposed to the traditional inverse relationship between the 2 instruments. Resistance at $3386 with support lower at $3358. Buyers continue to fail at the $3400 resistance area.
BRENT OIL
Sellers maintained control, adding a 5th consecutive lower low on the charts. Resistance at $69.22 with support lower at $66.21. Note sellers were held up at this support area through the last week of June 2025. Trend, bias and fundamentals all bearish as concerns relating to the global economy contribute to the sell-off. Buyers drift further from the pivotal $70 mark as supply outweighs demand at this time.
BITCOIN
Technically the chart reads a downtrend, while practically the narrow sideways trend continues with buyers and sellers trading within a narrow $2.4K range. Resistance sits at $115.7K with support lower at $113.3K. Note the loosely formed ascending triangle which may be enough to tilt the bias slightly upward.
