Market Highlights
1 - European stock markets rally. IBEX leads +3.1%, DAX follows +2.39%, FTSE +1.6%
2 - The US markets closed in the red across the board. S&P -0.30%, DJ -0.14%, NASDAQ -0.12%
3 - Gold holds its own with steady gains, up $56 at $5195
4 - Brent continues volatile swings, to end the US session alongside yesterday’s close around the $90 area
5 - USDX fights back to reflect slight gains, up +0.21% at 98.66; EUR -0.06%, GBP -0.08%
Daily Price Activity
Insights
USD INDEX Following an early sell-off, buyers stepped in during the US session, recouping losses, and going on to record a higher close on the day. Note the bounce off the ascending trendline which coincides with intraday support. Resistance at 98.68 with support at 98.22.
S&P 500 A gap lower to open, however buyers added to yesterday’s rally, bouncing up off the established support area. Although unable to hold onto gains as sellers defended the late rally, demand for US equities is confirmed with a higher high and higher low on the chart. Buyers aim to break above 6900 in order to establish a new uptrend. Resistance at 6901 with support at 6763.
GOLD A green candlestick confirming the higher close, a higher high and higher low on the chart, yet the sideways/rest period continues as the metal remains settled between $5100 and $5200. While technically the trend is flat, fundamentally the bias remains tilted to the upside as the commodity retains it’s safe haven status. Note 3rd consecutive higher high on the daily chart. Perhaps the resilience of the USD is holding back moves to the upside? Resistance at $5240 with support at $5123.
BRENT OIL While the market waits for a new development, prices ended the day alongside yesterday’s close - no news is good news? Prices have dropped as much as $40 within the last 2 days, and the daily candlesticks reflect a lower high and lower low on the chart. Neither side is backing down, or revving up the rhetoric, yet the status quo remains with production and shipping supply of oil vulnerable to disruption at any time. Resistance at $95.02 with support at $81.13.
BITCOIN Buyers added to yesterday’s gains doing enough to confirm the uptrend. However, the $70K+ continues to be guarded by sellers. Although upside resistance continues to be difficult to break, price action appears to be trading a leg higher, from $65K - $69K…up to $69K - $72K, a bullish sign, for now. Resistance at $72K with support at $68.2K.
FX Pivot Levels
