USD INDEX
A 2nd consecutive week of demand for USD confirmed on the chart with EMAs crossed up and a higher high and higher low on the chart. Strong data has added to the positive sentiment surrounding the global currency with none of the majors making a strong case for strengthening against the USD. Resistance set at 98.66 with support lower at 97.40. Note the current resistance matches the support from May 2025. Also check that the current resistance area was tested last month (June) unsuccessfully, and last week we did see sellers again run out of steam at resistance levels.
S&P 500
Buyers maintained control throughout the week and set record highs in the S&P as demand for US equities was seen across the US stock markets. Interestingly the equity markets moved in tandem with the USD as both strengthened, as opposed to the traditional inverse relationship between the two major indices. Resistance set at 6357 with support established at 6240. No updates on the tariff front with China and the EU has kept the equity markets positive. With the August 1 deadline approaching the markets may start to feel uneasy, but for now sellers are remaining on the sidelines with the bias pointing upwards.
GOLD
For now the metal continues to trade sideways and within a well-established range between $3300 and $3370, looking comfortable hovering close to the $3350 area. It appears the price continues to be driven by technical signals/analysis rather than fundamentals affecting the supply and demand. Noteworthy that gold is maintaining its high price in spite of a strong USD, which confirms the commodity’s safe haven status. Should there be a turnaround in the USD, buyers may well look at $3400 and higher on the upside. Resistance sits at $3379 with support at $3307. The $3300 mark continues to look pivotal as buyers protect the level.
BRENT OIL
A red candlestick on the chart confirmed oil weakened over the period, however there is more to the picture. Note the weekly candle adds to the uptrend with a higher high and higher low on the chart. No new developments on the geopolitical front as well as well as no new tariff announcements both contribute to the relatively stable oil price for now. Resistance established at $71.59 with support holding up at $67.70. Buyers will look up to reclaim the $70 mark while sellers aim below $68.
BITCOIN
While sellers did enough, just barely, to secure a red weekly candlestick, the trend and bias remain to the upside. New record highs to start the week, was followed by buyers and sellers exchanging blows between $117K and $120K. Resistance set at $123.1K with support at $115.4K. Without fundamental factors to alter the positive sentiment, buyers remain on the front foot. Should resistance be targeted and broken, we have seen the upward moves are sharp with no relevant levels standing in the way.
