Market Highlights
1 - US stock markets closed down on the day. S&P -0.41%, DJ -1.13%, -0.19%
2 - European indices start the week in the red. DAX -0.46%, FTSE -0.90%, IBEX -1.97%
3 - Gold down $96 at $4523; Bitcoin breaks stubborn resistance, up $1800 at $80.3K
4 - Brent up $5.55 at $113.87 as long term supply concerns result in highest close since start of the war
5 - USD gains across the board. USDX +0.29%, EUR -0.32%, GBP -0.40%, AUD -0.61%, JPY +0.25%, CAD +0.27%
Daily Price Activity
Insights
USD INDEX Buyers added to Friday’s late rally with a solid push higher, and in so doing reversing the short-lived downtrend. The bounce up off 98.00 confirmed the strong support area continues to be guarded by buyers. Higher interest rate expectations and general risk-off sentiment contributed. Resistance at 98.40 with support at 97.80.
S&P 500 Sellers stepped in from the outset resulting in a retracement from last week’s record high levels. A combination of factors contributing: geopolitical risk (straits of Hormuz causing anxiety in the markets), inflation fears and a natural bout of profit taking = all adding to risk-off sentiment. Resistance at 7270 with support at 7198.
GOLD Sellers controlled today’s activity with buyers remaining on the sidelines. The repositioning of the metal’s pricing does not necessarily reflect a fundamental change, but rather a response to a rallying USD + higher real yields. While gold’s safe-haven status remains intact, today looks more like: risk = USD up = gold down. Buyers guarded the $4500 support, however demand looks fragile for now. Resistance at $4619 with support at $4493.
BRENT OIL The unsettled middle east conflict, in particular the status of the straits of Hormuz signalling a potentially prolonged supply concern, resulted in the forward- looking oil market closing at it’s highest level since the start of the war. While buyers now see $120 as the next upside target, sellers will aim below $110 as the new dividing line when signs of optimism return. Resistance at $115.46 with support at $106.49.
BITCOIN Buyers broke the stubborn resistance with solid demand and putting in the highest close since Feb 2nd 2026. Note ascending trendline and succession of higher highs on the chart. Buyers will aim to maintain above the $80K mark. Resistance at $80.5K with support at $78.2K.
FX Pivot Levels
