USD INDEX
The charts display a green candlestick, completing a 3rd consecutive week of higher highs and higher lows - notwithstanding the USD pull back to close the week on Friday. (The retracement also reflected in the FX majors where the USD gave up gains to close the week). Support sits at 98.94 with resistance set at 100.76. Following the weekly close at 100.25, buyers first priority will be to maintain above the 100 mark while sellers will look for a break below the round number/pivotal level.
S&P 500
Buyers completed the 3rd consecutive week of higher highs and higher lows as well as having won 5 of the past 6 trading weeks since the double bottom at 4842 on April 7th. Resistance was established at 5755 with support set at 5596. While buyers look above the 5800 level, sellers aim below the 5600 mark.
GOLD
While buyers did enough to maintain a green candlestick and in so doing closing higher than the open, gold lost ground late in the week with the bias tilting downward. Resistance was established at $3434 with support at $3240. Note the charts reflect a higher high and higher low as the EMAs continue to move sideways within the current uptrend. With the technical indicators showing mixed signals, the fundamentals seem clearer?demand for the safe haven commodity remains intact with profit taking, an inverse relationship with a strong USD and equity market all contributing to the natural retracement in USDXAU.
BRENT OIL
A strong week for oil saw buyers make a significant bounce up off a lowly $58.84 support and break above the $64 level before going on to close at $63.91. However, the weekly candle still shows a lower high and lower low and the downtrend remains intact. The push higher seems to have been influenced by a relatively positive week in the tariff/trade deal scenario where the bar appears rather low where there were no new surprises and/or negative announcements. While new trade deals will contribute to adding gains, supply concerns, geopolitical concerns or negative news on the trade deal front would give sellers incentive to reverse the recent gains.
BITCOIN
A 5th straight week of gains saw the cryptocurrency make a meaningful push higher matching the all-time weekly high close at $104K. Buyers maintained control in a $10K+ weekly range from a $93.2K support up to $104.9K resistance. Sentiment, technical indicators and an upward bias should see buyers aim to test the $109K all-time high, while sellers will look at profit taking and overbought daily RSI readings to reverse, or at least add to a natural retracement. The $100K mark makes for a natural pivot level.
