USD INDEX
Demand for the world’s reserve currency continued today across the board with the index strengthening for the 5th consecutive day - higher highs and higher lows adding to the uptrend. Significantly the 100.00 level was tested and broken with a close above the whole number. Note the previous test at this level saw a drastic reversal (August 1 2025). RSI reading at 70 signalling overbought conditions. Resistance at 100.09 with support at 99.56
S&P 500
The downtrend picked up speed as sellers added a sharp push lower throughout the session. Note the sell-off seen in the S&P ran across the board in all major US stock markets. Price action highlights the traditional inverse relationship between strong USD and weak equities. Resistance at 6878 with support at 6784.
GOLD
Sellers dominated from the start as buyers remained on the sidelines as the downtrend picked up steam. Note the significance of the current close price -this is the 4th attempt in the past 7 days where sellers have been held up at current support levels. Also worth noting that over this period, this is the first day that buyers have not tested the $4000 resistance level, today’s open price. Trend, bias and sentiment all bearish. Profit-taking adds to the downtrend. On the flip side, surely the metal has not lost its safe haven status? At what point might buyers see current prices as a buying opportunity? Resistance at $4000 with support at $3928.
BRENT OIL
Sellers controlled the Asian and European sessions, before buyers stepped in at the US session and recouped roughly half of the day’s losses. While sellers did enough to end the day lower and close with a red daily candlestick, the uptrend remains in place. While buyers and sellers trade punches, basically the trend is moving sideways and remains contained within a relatively narrow range for the past 7 days. Resistance at $64.83 with support at $63.78.
BITCOIN
The big mover today! The cryptocurrency was sold off over $8.5K as sellers made a statement move breaking through significant support levels. The fibonnaci retracement tool measured from the yearly low at $74.5 up to the record high $126.2K shows the 38.2% fi retracement level at $106.4K was broken to start the day. Sellers then went on to test the 50% level at $100K. Buyers did step in at this point and a gentle bounce has reached $101K at the daily close. Note the support was tested, unsuccessfully earlier this year (June 2025). Trend, bias and sentiment all favour the downside. Technically, RSI at 31 signals oversold. Resistance at $107.3K with support at $98.7K.
