Market Highlights
1 - US stock markets closed higher on the day. S&P +0.62%, DJ +0.58%, NASDAQ +0.83%
2 - European indices close in the red. DAX -1.14%, FTSE -0.1%, FTSE -0.15%
3 - Gold gains $37 to close $4764; Bitcoin adds $900 to end day at $72K
4 - Brent unchanged today at $96.50 as markets look to talks in Pakistan over the weekend
5 - USD loses ground. USDX -0.24%, EUR =0.32%, GBP +0.28%, AUD +0.59%, CAD -0.24%. JPY the outlier as USD gains +0.22%
Daily Price Activity
Insights
USD INDEX Sellers controlled the activity within a range matching that of yesterday. Risk on theme continues, regardless of the ceasefire not being upheld as the middle east conflict continues. Buyers look up to 99.00 while sellers look to 98.00 on the downside. Resistance at 98.94 with support at 98.38.
S&P 500 Buyers added to yesterday’s gains extending the uptrend as demand for US equities has maintained from the start of the month. While buyers look up at 6900, sellers look below 6800 as a first step to reversing the trend. Resistance at 6877 with support at 6781.
GOLD Gold continues to trade within a $100 range between $4700 and $4800. Although the uptrend remains in place, today’s green candlestick does reflect as a lower high on the daily chart. While the metal’s safe haven status is not questioned, clearly demand for the commodity has stalled at current levels. Resistance at $4807 with support at $4692.
BRENT OIL Today’s $5 trading range saw brief tests in both directions, before settling alongside yesterday’s close price. Buyers unable to reach the $100 mark, while protecting the $94 area. The proposed ceasefire has not stopped the war on the ground; attention will be on negotiations which are planned to start tomorrow. The straits remain closed. Volatility expected to pick up as all parties show no signs of a willingness to end the conflict, going into this first round of talks. Resistance at $99.67 with support at $94.04.
BITCOIN Bulls won out today, recouped yesterday’s losses, and extended the uptrend with the 3rd successive close above the $70K mark. Buyers will aim to test the $76K resistance while sellers aim below the $70K level in an attempt to reverse the trend. Resistance at $73.1K with support at $70.4K.
FX Pivot Levels
