USD INDEX
The gain was slight, yet enough to add a 2nd green candlestick confirming demand for the USD following last week’s strong sell-off. While the trend remains down, a higher high and higher low will encourage buyers aiming to reverse the trend. Resistance at 98.40 with support at 98.15.
S&P 500
Buyers put in a solid performance confirming demand for US equities. Noteworthy that the index moved in the same direction as the USDX (both higher) as opposed to the traditional inverse relationship between the two classes. Buyers will be looking up at the record 6800 level. Resistance at 6777 with support at 6693.
GOLD
Buyers recouped Friday’s losses on the way to re-establishing control, and in so doing set yet another record high close at $4355. Demand for the safe-haven commodity outweighs any attempts by sellers to continue with short bouts of profit taking. Resistance at $4380 with support at $4223.
BRENT OIL
After an early sell-off matching Friday’s low, buyers stepped in and erased the losses to end the day back where it started. Notwithstanding the fightback, trend and bias remain down. The bounce appears to be more related to technical analysis than demand for the commodity. Resistance at $61.03 with support at $59.93.
BITCOIN
Today buyers added to the weekend bounce following Friday’s steep sell-off. Significant that price action maintained above the $110K level, yet unable to test above the pivotal $112K mark. Resistance at $111.7K with support at $107.3K.
