Market Highlights
1 - US stock markets confirm demand for US equities with NASDAQ leading +1.19%
2 - European indices close up on the day with IBEX leading +0.80%; DAX outlier down -0.80%
3 - Gold loses -$52 at $4507; Bitcoin down $1.4K at $75.9K
4 - Brent edges higher with the deal far from done; +$1.10 at $96.27
5 - USD gains across the board with GBP -0.35% and JPY +0.24% leading the way
Daily Price Activity
Insights
USD INDEX The index strengthened today with demand for the global reserve currency maintaining above the relevant 99.00 mark. Geopolitical risk remains uncertain and inflation concerns (high oil prices) contributing. Chart reflects a higher high and higher low. Uptrend hanging in. Resistance at 99.19 with support at 98.94.
S&P 500 The index moved higher as risk-on theme continues. Technology and AI related stocks main driver. Unusual pattern with USD and the index both moving higher. Today looked like “capital into America”, rather than a risk flight. 7500 remains strong psychological support. Resistance at 7557 with support at 7513.
GOLD Strong USD and higher rate expectations contributed to the metal’s sell-off today. Risk appetite improved with equities preferred to defensive assets like gold. It appears higher inflation as a result of oil worries and fewer Fed cuts outweigh gold’s safe-haven status, for now. Note the distinct trading range holds for the 7th consecutive day. Resistance at $4562 with support at $4475.
BRENT OIL The nervous oil market moved slightly higher as the optimistic move lower, based on a potential deal, is still far from a done deal. The straits remain closed and pessimism slowly returns to the forward- looking market. Supply disruption fears slowly returning, which translates to prices creeping back to the $100 mark. Resistance at $96.59 with support at $94.50.
BITCOIN Sellers controlled price action with a strong push lower, although price activity remains within a confined $2.5K range. Note the strong resistance which sellers continue to guard successfully, as buyers protect the support which has held since April 28th 2026. Note today’s bearish engulfing candlestick. Resistance at $78K with support at $75.5K.
FX Pivot Levels
