USD INDEX
Today saw the USD rally across the board as the US government shutdown has coincided with the global reserve currency’s sharp 4-day rally. Lack of data (no news is good news) has left the door open for buyers, as technical analysis and a show of strength on the geopolitical front contribute to the current demand. Perhaps a little early to confirm positive sentiment for the dollar, however sellers have yet to make an appearance. Resistance at 99.30 with support at 98.43.
S&P 500
While the charts confirm that sellers won out on the day, it was not before a new record high was established early on. Buyers and sellers continue to trade punches with price activity showing a sideways trend this week, action contained within a familiar looking range. Resistance at 6812 with support at 6760. Buyers will note the marginally higher highs and higher lows, while sellers note the strength of current resistance area.
GOLD
Buyers took a well-earned breather with a number of contributors: strong USD push higher, natural retracement following the $4000 break, and an expected bout of profit taking. Note the resulting technical analysis showing a double top, coupled with a bearish engulfing candlestick pattern - both strong reversal signs. Resistance at $4057 with support at $3942.
BRENT OIL
Sellers put in a strong showing, reversing the gains from the past 3 days. In so doing the EMAs reversed down signalling a new downtrend. Resistance at $66.54 with support at $64.94. Note the familiar support area which buyers have guarded since June 2025. The double top and bearish engulfing patterns both add to the bearish bias.
BITCOIN
Sellers erased yesterday’s gains with a strong push lower, doing enough to reverse the trend with the EMAs crossing to the downside. Note the 4th consecutive lower high on the charts. Resistance at $123.8K with support at $119.7K.
