USD INDEX
The USD was sold off through the Asian and European sessions, before buyers put in a strong fight back late in the US session. Although sellers did enough to win out on the day, the rebound did show resilience from the global reserve currency. The uptrend remains intact with a higher high and higher low on the chart. Resistance at $99.02 with support at 98.71.
S&P 500
The index sold off early, however an afternoon rally resulted in buyers recouping roughly half of the losses before closing down -0.50% on the day. The push lower was enough to signal a reversal on the charts (EMA’s crossed down) with a lower high and lower low confirming the move. Resistance at 7006 with support at 6922.
GOLD
One day off was enough of a rest as buyers stepped in and confirmed the demand for the metal with a gentle push higher, signalling yet another new record high. With both internal political unrest (US), coupled with geopolitical conflicts on the global front, buyers maintain control for the safe-haven commodity. As price action hovers close to resistance, and no previous resistance levels to work with, traders can continue to expect sharp and extreme moves to the upside. Resistance at Resistance at $4643 with support at $4593.
BRENT OIL
A volatile day saw an early move higher adding to recent gains, reverse sharply late in the day, and then bounce up to close slightly below the daily open price. Today’s activity was all about fundamentals as the White House reversed the rhetoric regarding military action against Iran, thereby easing supply concerns. With the unrest far from settled, price volatility may well continue for the immediate future. Resistance at $66.70 with support at $63.41.
BITCOIN
A 2nd consecutive day of one-way traffic as buyers added to yesterday’s rally with a $2K push higher, and an overall $6.1K gain over a 2-day period ($91.1K - $97.4K). As the trend gather momentum buyers may well be eyeing the significant $100K mark on the upside. On the downside, sellers will be aware of potential profit-taking and overbought technical indicators entering the picture. Resistance at $97.8K with support at $94.6K.
