USD INDEX
The USD strengthened across the board last week as the middle east conflict continued. Following the US involvement this weekend the impact on the USD will be seen in the markets following the Asian open to start the new trading week. The trend remains down on the index. Resistance sits at 98.74 with support at 97.24. Note the index has not traded below these levels since early 2022.
S&P 500
The US equity index lost on the week, however the losses were not enough to disturb a strong uptrend and further showing the strong ceiling at the 6100 area with buyers again rejected. While the uncertainty from the lack of tariff deals was not enough for sellers to lose optimism, we will see the equity markets response to the US attacks when trading gets underway. Resistance is set at 6109 while support is established at 5971.
GOLD
Sellers dominated the week’s activity with buyers showing little appetite to test intraday resistance levels. The EMAs point downwards. Note the strong double-top candlestick formation which is a strong reversal sign. Notwithstanding the red candlestick, note the higher low on the chart. While gold did not rally in response to start of the middle east conflict, perhaps traders will respond differently since the US’s involvement on Friday. A turn to gold as the traditional safe haven commodity would see buyers aiming above $3400, while a continuation of last week’s sell-off would see the $3300 pivotal support be tested. Resistance sits at $3451 while support is established at $3341.
BRENT OIL
As the middle east conflict enters its 2nd week the oil price shows no signs of halting its rally as supply concern issues dominate the demand and add to the strong uptrend which has been in place since the beginning of May 2025. The next upside target looks to be the $80 mark. Buyers may see retracements and pull backs (profit taking and overbought RSI technical readings) as opportunities to add to/ join the uptrend. Resistance sits at $77.36 with support lower at $70.75. The $70 area has long proved to be relevant.
BITCOIN
Sellers dominated the weeks activity and in so doing reversed the uptrend which was in place since April 2025. Sellers will aim to maintain below the $100K mark while buyers look up to regaining losses above the big number. Resistance is higher at $108.9K with support at $98.2K, close to the current $99K area going into the new week.
