USD INDEX
The index sold off following a delayed jobs report which reflected a rise in the unemployment numbers at 4.6% (4.5 yr high), only to bounce back through the US session and erase almost all the early losses. Notwithstanding the fightback, the downtrend remains firmly intact. Buyers will aim above 98.00 in order to initiate a reversal. Not surprisingly the USD has had a bearish feel since last week’s rate cut. Resistance at 97.98 with support at 97.50.
S&P 500
An early sell-off did not hold as buyers stepped in late in the US session, recouping a sizable portion of the losses. However, the red candlestick added to the new downtrend with a 3rd consecutive lower high on the charts. Sellers continue to challenge the 6800 support area while buyers look up at 6900 in order to get the uptrend back on track. Resistance at 6894 with support at 6819.
GOLD
The metal continued to trade in a tight $60 range, ending the day alongside the past 2 day’s close price - the $4300 level again looking like the comfort zone for buyers and sellers. A doji-like candlestick confirms the indecision. The sideways activity remains within a bullish trend with buyers appearing to be taking a break rather than sellers stepping in. The safe haven commodity has not lost its demand factor with sentiment favouring an upside break. Resistance at $4331 with support at $4271.
BRENT OIL
A particularly strong push lower as sellers dominated from the open and went on to break below significant support levels. There was no demand for the commodity with sellers now testing support levels last seen in April 2025. The previous time prices traded below current levels was in Feb 2021. Although fundamentally supply concerns have played no part in the sell-off, unsettled geopolitical conflicts could change the picture at any time. Technicals confirm oversold conditions with RSI reading 31 on the daily chart. Resistance at $60.32 with support at $58.70.
BITCOIN
For the 3rd time since November 21st buyers stepped in at the current support area. However the bounce was not able to take out the previous high, with today’s candlestick adding a 4th consecutive lower high to the existing downtrend. Buyers will aim at the $90K level in order to reverse the trend, while sellers aim to break below the $85K mark. Resistance at $88.2K with support at $85.2K.
