USD INDEX
A gap down to start the week, followed by sellers maintaining control on the way to wiping out the majority of last week’s late rally. Note the strong support level which buyers have guarded successfully since October 17th 2025. Sellers will aim to push below the 98.00 mark which has become a comfort level for both sides over the past week. Resistance at 98.31 with support at 97.86.
S&P 500
Aided by a gap higher in futures trading, buyers added to the overnight gap up and maintained demand throughout the session. A 3rd consecutive higher high and higher low contributing to the new uptrend on the chart (EMAs crossed up). Buyers will look to add to the “santa rally”, perhaps with the 7000 level in view. On the sell side profit taking may enter the picture after a strong year for the index which has enjoyed an annual 16% gain to date. Resistance at 6937 with support at 6898.
GOLD
Last week buyers took a break with price activity reflecting a gentle uptrend?and then today came the break-out with the metal adding $90+ to set yet another record high. The pattern has become familiar as gold continues it’s historic rally. A combination of fundamentals - the appeal of the safe haven commodity in the midst of continuing geopolitical uncertainty; and technical indicators confirming the uptrend, all contributing to the rally. However, as year end approaches a bout of profit taking must be taken into account, with RSI readings (78) at overbought levels. Resistance at $4449 with support at $4352.
BRENT OIL
A 2nd strong day for oil as buyers added to Friday’s bounce with a further $1 move to the upside. The turnaround feels like a combination of a natural technical rebound following the extreme sell-off last week, coupled with anticipation of supply concerns relating to the ongoing middle east conflict. Buyers will aim to test $62 on the upside while sellers look down at the $60 area. Resistance at $61.66 with support at $60.45.
BITCOIN
Buyers were first out the gate to start the week and went onto break above the $90K mark, only for sellers to step in (again) and bring the price back to where it started. The daily close has hovered around the $88 level since the middle of last week. The sideways trend within a narrow 2.5K trading range continues to confirm the cryptocurrency’s lack of direction since the steep sell-off in November 2025. While buyers look above $90K, sellers look down at the $85K level to reinstate the downtrend. Resistance at $90.5K with support at $87.8K.
