USD INDEX
While the USD has attempted to hold up and fight back, overall negative US sentiment continues to be the theme, notwithstanding the green weekly candlestick. The chart reflects a 3rd consecutive lower high and lower low adding to the downtrend. Uncertainty regarding current tariff regulations and an apparent lack of confidence in the future of USD assets have kept the bias tilted to the downside. Resistance sits at 100.41 with support at 98.56
S&P 500
The bias continues to be tilted higher as buyers welcome positive earnings reports and appear to be less shocked with the on again off again tariff deals. As long as sentiment remains positive buyers will continue to dominate price action, as reflected in a 6th consecutive week of higher highs and higher lows on the charts. Resistance was established at 6005 with support set at 5850.
GOLD
Since the record high was reached at $3500 in April, the retracement which followed last month has maintained within a steady sideways trend. Buyers and sellers exchanging blows within a $150 range between $3200 and $3350. Technically we see a 3rd consecutive week of higher highs and higher lows on the chart. Resistance sits at $3304 with support below at $3244. Fundamentally golds safe haven status remains intact. The pullback from April’s highs seems a natural retracement given the metals historic year long rally with buyers ready to step back in at the appropriate time, be that a meaningful USD selloff or a substantial change to the global geopolitical situation.
BRENT OIL
Since the strong selloff which began at the start of the year, the classic downtrend continues as sellers prevailed in last weeks activity signalled with a 3rd weekly lower low and lower high on the chart. Supply issues do not appear to be a concern as the continual talk of a global economic slowdown weighs on the future price outlook. Resistance sits at $65.53 with support established at $62. Buyers look up to $67 to reverse the trend while sellers aim below the $60 mark.
BITCOIN
Sellers dominated price activity following last weeks record setting high at $112K. The uptrend remains in place with a 7th consecutive lower high signalled on the chart. While the bias remains up and crypto sentiment continues to be positive, buyers appear ready to re-test the upside. Resistance sits at $110.8K with support below at $102.8K. Sellers will aim below $100K level to seriously challenge the trend.
