USD INDEX
The index gapped higher to open, moved up early, yet as the US session got underway the gains were reversed as the USD got sold off across the board. Notwithstanding the red daily candlestick, the charts show a higher high within the existing uptrend. Prices settled at the familiar 98.00 mark. Resistance at 98.59 with support at 97.95.
S&P 500
US stock markets all closed up on the day, with the index confirming demand for US equities as the inverse relationship against a weak USD played out. Buyers will look up to the 7000 level in an attempt to reverse the current downtrend. Resistance at 6963 with support at 6901.
GOLD
All factors contributed to the metal’s strong rally: Geopolitical uncertainty following the US attack on Venezuela, a weak USD, both aided by bullish technicals guarding the $4300 support area. Buyers stepped in early and did not give up control as the price gained $75 on the day. Should demand continue for the safe haven commodity, the next upside target sits at $4500. Resistance at $4455 with support at $4370.
BRENT OIL
As the dust settled following the US attack on Venezuela, it was not long before the issue of oil ownership came to the forefront. The initial response was a brief sell-off, before buyers stepped in, recouped losses and went on to put in a strong rally into the close. Note the test/break above the descending trendline which has been in effect since July 2025. Supply issues do not appear to be an immediate concern, however the global picture is far from secure with Russia/Ukraine and the Middle East conflicts very much unsettled going into the new year. Resistance at $61.87 with support at $59.73.
BITCOIN
A 4th consecutive higher high and higher low on the chart as buyers continue to confirm demand for the cryptocurrency. Since breaking out of the narrow $86K - $90K range, the uptrend has gained momentum with significant resistance levels now being tested - buyers tested current levels (unsuccessfully) last month December 9th 2025. Interesting that in the face of new political unrest (USA/Venezuela) BTC strengthened together with gold and silver today, as the USD moved in the opposite direction (lower). Buyers will aim at the $100K level to signal a meaningful reversal from the deep sell-off through October/November 2025. Resistance at $94.7K with support at $91.4K.
