USD INDEX
The USD did fight back and recouped a portion of the move lower, however the sellers won out the week adding to a strong downtrend and matching the low area from April. Support was set at 97.88. Sellers will be looking to retest the lows while buyers look up to resistance at 99.24. Overall negative USD sentiment saw all the major FX pairs all strengthen against the U$, while the index confirms the lack of confidence in the US as the home of safe haven assets, with the global reserve currency under question.
S&P 500
Another strong week saw the major equity index close (significantly) above the 6000 level with resistance established at 6020. The record highs at 6172 are clearly in sight. It seems the lack of new tariff threats, coupled with traders looking for a reason to add to the demand has resulted in a 7- week uptrend with classic higher highs and higher lows in place. Sellers will aim below the 5864 support as the first goal in reversing the trend. Note the clear inverse relationship between weak USD and strong US equities.
GOLD
With a doji-like candle reflecting the metals lack of direction, it does appear that buyers have taken a breather at current levels. Resistance sits at $3403 with support at $3297 with the weekly close of $3309. The $3300 mark has setup as a pivotal level. Interesting that USD weakness was not enough to maintain demand for the safe haven commodity.
BRENT OIL
A strong rally saw oil make a significant high at $66.84. The resistance area has been tested several times since early April. The bias and trend are pointing up with supply concerns adding to the equation. Support rests below at $63.76. The uncertainty and nervousness surrounding geopolitical conflicts add to the demand.
BITCOIN
Sellers set the tone early with a strong sell-off which went on to break below the $104K area and establish support at $100.3K. Buyers guarded the $100k level and in so doing recouped the losses before setting resistance back at $106.2K, basically where prices were at the start of the week. Although last week was the first red candlestick over the past 8 weeks, the trend remains up with buyers looking to retest $107K.
