USD INDEX
A gap lower to open, sellers continuing lower through the Asian and European sessions, before buyers stepped in as the US session got underway, and recouped the day’s losses to close slightly up on the open price. The doji-like candlestick confirms the lack of clear direction. The uptrend remains intact with the USD continuing it’s strong start to the year. Resistance at 98.76 with support at 98.40.
S&P 500
The early push lower pre-open (futures market) didn’t last as buyers confirmed demand for US equities with a strong rally during the US session and a new record high close for the index. Buyers will aim to add to the series of higher highs, while sellers look to break below the 7000 level as a first step towards reversing the trend. Resistance at 7023 with support lower at 6950.
GOLD
The metal started the week with a gap up at the open, followed by steady buying which saw gold go on to set yet another new record high. The DOJ’s criminal charges against FED chairman Powell, coupled the threat of the FED losing it’s independent status contributed to demand for the safe-haven commodity. While fundamentals continue to favour the upside, overbought technicals (RSI at 70) and profit-taking are factors which could halt, or at least pause the rally. Resistance at $4625 with support at $4534.
BRENT OIL
Buyers added to the strong bounce up from late last week to signal a 3rd consecutive higher high and higher low on the charts. As long as supply concerns remain unclear, the next upside target now sits at $65. Note oil was sitting at the $60 support to start the year. It certainly appears that the Iran crisis is a major contributor to the current demand. Resistance at $64.30 with support at $62.75.
BITCOIN
Notwithstanding an early push higher, today’s candlestick just barely recorded a higher close on the day with the EMA’s confirming the sideways trend. Note the daily close remains within a narrow $2.5K range for the past 6 days. In order for a meaningful trend to develop, buyers continue to aim above $92.5K with sellers looking to break below the $90K area. Resistance at $92.3K with support at $90K.
