USD INDEX
The USD was sold off across the board last week, with all the major FX pairs strengthening significantly against the U$ and the USDX reflecting the move. While US data showed signs of weakening and negative USD sentiment continues to hinder the global currency, the U$ did show strength in response to the middle east crises. Resistance sits at 98.94 with support established at 97.12. Support matches lows not seen since early 2022. Technically the downtrend is firmly intact with lower highs and lower lows. Buyers will look above 98 while sellers aim below the 97 mark.
S&P 500
The solid performance of the S&P was upset on Friday as sellers stepped in and gave up most of the week’s gains. While the weekly trend remains up, the bias is certainly tilted to the downside going into the new week. Resistance was established at 6135 with support lower at 5977. Note the resistance area has been tested unsuccessfully several times since late 2024. Sellers will look to trade below the 6000 level while buyers will aim to maintain above that pivotal mark at a minimum.
GOLD
With the uptrend in place and the bias up, we saw the metal hover close to the pivotal $3300 area over the past week. On Friday the commodity make a strong push higher in response to the middle east conflict as once again gold confirmed its safe haven status in the face of global political uncertainty. Resistance sits at $3444 with the record high $3500 mark clearly in sight. Note that the current resistance levels have been tested 3 times since April with buyers unable to maintain and push above the current resistance area.
BRENT OIL
The current oil rally started early in the week and then went onto pick up steam and add to the gains as the middle east conflict had a drastic effect on the market reflected in an $8.00 surge on Friday. Sellers did step in and recouped a portion of the extreme move higher. Resistance was established at $78.49 with support well below at $65.98. Fridays close reads $74.51. Supply issues will have a major influence on price activity and volatility is to be expected with related news and announcements sure to have an effect on prices.
BITCOIN
Buyers tested higher and sellers tested lower with neither side able to hang on the moves. The trend remains up, although the weekly candle is red and price activity remains close to the $105K area. The weekly close reads $104.8K. The previous weekly close (doji candlestick) reads $105.8K. Resistance sits at $110.7K with support established at $102.6K. Noteworthy that the cryptocurrency has remained relatively quiet through a turbulent week on many different fronts. Lack of demand above $100K continues while sellers appear to struggle below $105K.
