USD INDEX
As has become a regular pattern, the index lost ground through the Asian and European sessions, only for buyers to step in, recoup losses and go onto end the day with a higher close. Notwithstanding, a lower high adds to the downtrend. The 98.00 area continues to be a comfort zone as buyers and sellers struggle to hold onto intraday moves. Resistance at 98.13 with support at 97.66.
S&P 500
Buyers could not hold onto the early record high with sellers stepping in and recording a red daily candlestick. Note the candlestick adds a higher high and higher low on the chart as the uptrend remains firmly intact. Although a brief bout of profit taking is not unexpected, sellers did not panic and the natural retracement had no significant follow through. Resistance at $4712 with support at $7342.
GOLD
Buyers made a strong start, only for sellers to step in at the USD session and give up almost all of the early gains (coincided with late USD rally). The green candlestick reflects a higher high and higher low on the chart, adding to the uptrend. Sellers will aim below $4700 while buyers will re-target the $4800 upside mark. Resistance at $4762 with support at $4683.
BRENT OIL
Optimism re. the apparent new “deal” which US proposed to Iran was enough to see prices drop below the $100 mark early in the session. Apparently, the proposal leaves 2 matters to be settled at a later time: nuclear program and control of the straits of Hormuz. Nervousness and uncertainty, without further developments saw buyers step in and recoup losses to close back above the pivotal $100 level. The downtrend remains intact. Resistance at $102.61 with support at $96.13.
BITCOIN
Sellers took control from the outset and went on to reverse gains from the past 2 days. The push lower got held up at the $80K mark which is shaping up to be a pivotal level. Next strategic downside support could be the test of the ascending trendline, coming in around the $78K mark. Buyers will look up to retarget $82K on the upside. Resistance at $81.6K with support at $79.4K.
