USD INDEX
A choppy day’s activity doing little to change the overall picture. Buyers won out with a green daily candlestick, although the chart does reflect a lower low. Price action remains contained within the recent familiar range between 97.50 - 98.00. The uptrend remains in place. Notice the strong resistance area being guarded by sellers. Resistance at 97.93 with support at 97.41.
S&P 500
Another volatile day on the index with buyers and sellers extending beyond yesterday’s R&S levels. Sellers won out on the day, although the uptrend remains intact. Note buyers got held up at the descending trendline. The 69.00 mark continue to be a comfort area on both the upside and downside. Resistance at 6972 with support at 6868.
GOLD
Gold continues to trade in a narrow range within the uptrend. Price activity has been ranging between $5100 and $5200 following last week’s rally. Buyers again held up at the $5200 level. Note the succession of higher lows in response to the sharp sell-off at the start of the month. Resistance at $5204 with support at $5128.
BRENT OIL
A wide-ranging volatile day in the oil market, with prices closing back where they started; a 5th consecutive close hovering near the $71.00 mark. No material outcome following the US/Iran negotiations, and the indecision reflected in the chart behaviour. A hint of reconciliation sees prices drop sharply, while any aggressive rhetoric sees the opposite as prices spike higher. Bias, trend and sentiment favour the upside, as no news is not good news as US continues to increase it’s military presence in the area. Resistance at $72.32 with support at $69.17.
BITCOIN
Buyers were unable to add on to yesterday’s gains as prices dropped off slightly. However, noticeably sellers did not reverse the gains and prices basically maintained above the descending trendline which is a positive/bullish sign. The sideways range which has been in place since earlier this month remains intact. While buyers will aim above $70K, sellers will look below $66K in order to re-establish the downtrend. Resistance at $68.9K with support at $66.4K.
