Market Highlights
1 - US stocks close mixed. NASDAQ edges higher +0.08%, DJ -0.61%, S&P -0.08%
2 - European markets down, DAX -1.37%, FTSE -0.56%; with the energy weighted IBEX the outlier, +3.05%
3 - Gold down $22 at $5175; Bitcoin up marginally $680 at $70.7K
4 - EU warns that US/Iran war could push EU inflation above 3%
5 - USD strengthens across the board. USDX +0.34%, EUR -34 pips at 1.1566, JPY +94 pips at 158.94
Daily Price Activity
Insights
USD INDEX A resilient USD supported by positive CPI numbers and global geopolitical conflicts showing no signs of easing, resulted in the index extending the uptrend with solid gains. The candlesticks reflect a higher high and higher low on the daily chart. On the upside 99.00 continues to be well guarded by sellers. Resistance at 99.06 with support at 98.43.
S&P 500 The mini 2-day rally ended today with sellers winning out on the day, and closing alongside yesterday’s close. Today’s move lower cancelled the uptrend with EMAs again pointing downward. Price activity remains contained within the now familiar range. Bias tilted to the downside; sellers may look at yesterday’s high as a new lower high on the chart. Note the strong support continuing to hold, for now. Resistance at 6871 with support at 6800.
GOLD The metal continues to be content in a current pause period, trading within a narrow range. Following the sharp sell-off early in the month (March 3rd 2026) and testing the $5000 mark, buyers have maintained control with a steady succession of higher lows, maintaining above $5100. Notwithstanding today’s red candlestick, bias, trend and sentiment appear to favour the safe-haven commodity’s upside. Noteworthy that the metal has not been sold off in accordance with the traditional inverse relationship between strong USD and weak gold. Resistance at $5229 with support at $5148.
BRENT OIL A relatively stable day as oil maintains its current value around the $90 mark. Buyers did win out overall with a push higher late in the US session. The sharp sell-off on March 9th resulted from Trump’s rhetoric intimating the war is almost over and in effect declaring a US victory. Clearly this is not the case as the market sees no let up from Iran relating to continued strikes and the supply routes remaining almost closed. Fundamentally and technically the upside, and retest of the $100 level looks plausible. Resistance at $92.87 with support at $86.03.
BITCOIN A slight gain extended the marginal uptrend. On the upside a 3rd consecutive higher high on the chart with price activity continuing to trade a leg higher. The downside reflects buyers unable to break above the $70K mark with any authority as demand dries up at current resistance levels. The sentiment has a bearish feel for now as buyers have not been able to make any significant bounce off the current support area since the sharp sell-off in January. Resistance at $71K with support at $69.1K.
FX Pivot Levels
