USD INDEX
Buyers did enough to halt the slide and put in a slight bounce, similar to yesterday (which was unable to hold) although so far managing to hold onto gains, reflecting a green candlestick late in the US session. Today’s candlestick has a lower low as the downtrend remains intact. Resistance at 98.08 with support at 97.61.
S&P 500
Following up on yesterday’s record high, today’s activity was limited as it appears buyers took a breather with a gentle push higher with sellers remaining on the sidelines. Overbought technicals were not enough for sellers to step in, and apparently not yet ready for profit taking? The green candlestick confirms a higher high and higher low adding to the uptrend. Resistance at 7089 with support at 7042.
GOLD
A red daily candlestick with a lower high and lower low did little to change the sideways activity which has seen the metal settling alongside yesterday’s close slightly below the $4800 mark. Notwithstanding today’s move lower the uptrend remains in place with the bias continuing to favour the upside. The bounce up/demand on the USDX contributed to gold moving lower. Fundamentally the positive atmosphere surrounding US/Iran negotiations adds to the lack of demand for the safe haven commodity. Resistance at $4842 with support at $47774.
BRENT OIL
While buyers won out today, the green candlestick was unable to secure a higher close on the chart. Buyers protected the support area which has held since last month, March 20th. Although the $6-$7 range is certainly wide from a trading perspective, the sideways activity over the past week remains in place. With the hope of a peaceful solution being touted by both parties, that looks to be enough to keep prices below the $100 level - the divide line for now. Resistance at $99.81 with support at $93.73.
BITCOIN
Buyers continue to test current resistance with a slight gain on the day and adding to the uptrend. The bounce from $64.5K which started at the beginning of the month has been slow, but steady with a $10K move to the upside midway through the month. Bias and sentiment tilted upwards. A break above $76K could open a clear run higher. Resistance at $75.3K with support at $73.2K.
