Market Highlights
1 - Gold down $69 to $5161; Silver resilient closing slightly down at $87.04
2 - Brent oil relatively flat within volatile market conditions, closing at $71.01
3 - US stock markets close higher. S&P +0.77%, DJ +0.76%, NASDAQ +1.05%
4 - Bitcoin struggles to find buyers with attempted bounce running out of steam. Closed slightly lower at $62.5K
5 - US Consumer Confidence bounces from 11 yr low. 91.2 v 87.0 exp. USDX gained on the day to close at 97.81
Daily Price Activity
Insights
USD INDEX Aside from a sell-off early in the US session, buyers did enough to secure a move higher today as buyers extended the existing uptrend. Momentum continues to favour the upside with 6 of the past 7 days reflecting a green daily candlestick. Recent activity perhaps adding positive sentiment to go along with recent favourable data - jobs and inflation. Sellers have successfully guarded the 98.00 mark since the start of the month. Resistance at 97.93 with support at 97.64.
S&P 500 Buyers put in a strong rebound, recouping the majority of yesterday’s losses. Note buyers again defended the 6800 support area. Buyers will aim to maintain above 6900 on the upside. The volatile price activity continues to be contained within it’s recent broad range between 6800 and 6900. Resistance at 6907 with support at 6827.
GOLD Sellers put an end to the 4-day rally with a strong push lower through the Asian and European sessions. Notwithstanding a fightback in the US session, sellers did enough to secure a red daily candlestick. Note the double-top candlestick formation (bearish signal). The push lower today would seem to be a result of profit taking rather than a change in the metal’s safe haven status. Resistance at $5240 with support at $5089.
BRENT OIL A bout of profit-taking, volatility without either side adding to intraday moves, and perhaps a hint of optimism, left today’s close basically matching that of yesterday. With no material change to the current status regarding US/Iran negotiations, the market stalemate was reflected in the market’s range and closing price. The uptrend remains intact. Note the succession of higher lows continues to maintain it’s steady ascent with $70.53 (Feb 23rd) added to the chart. Resistance at $71.95 with support at $70.53.
BITCOIN A rally through the US session saw buyers recoup earlier losses, however sellers won out on the day with a 4th consecutive red candlestick and a lower high and lower low on the chart. Lack of demand limited the bounce as price action remains close to the lows from earlier this month (Feb 6th at $60K). Note the short-term descending trendline recording this month’s activity remains in place with buyers looking up at $68K and then $70K as upside targets in an attempt to initiate any kind of meaningful reversal. Resistance at $65K with support at $62.3K.
FX Pivot Levels
