USD INDEX
A red candlestick confirms sellers won out for the week, notwithstanding that the higher low adds to the technical uptrend. Practically the index continues to trade within a loosely formed sideways range between 97 and 98 with neither side making a real statement. The sentiment remains negative for the USD with recent data fuelling talk of an anticipated rate cut. Conflict within US politics adds to the downward bias. Resistance at 98.91 with support lower at 97.68.
S&P 500
US stock markets fought back this week with demand across the board. The S&P continues to trade comfortably at record levels as sellers struggle to maintain daily pushes lower. Profit taking and overbought technical levels are not currently being considered. Support sits at 6269 with resistance established at 6420. Note the inverse relationship between weak USD and strong equities.
GOLD
Slow and gentle demand saw the metal move higher as buyers added a higher high and higher low on the charts. Although the EMAs remain down, the trend continues to move sideways with price action displaying a bias tilted to the upside. Note the inverse relationship between strong gold and a weak USD playing out. Resistance set at $3407 with support lower at $3345. The safe haven commodity continues to hold appeal in the face of geopolitical conflicts and a weak USD.
BRENT OIL
Sellers dominated the week’s activity doing enough to signal a downtrend with EMAs crossing down as well as significant support levels being broken to the downside. The strong push lower added a lower high and lower low on the charts. Resistance at $69.92 with support lower at 65.52. Concerns of a global economic slowdown appears to be the contributing factor as buyers stand on the sidelines.
BITCOIN
Buyers confirmed demand for the cryptocurrency as last week’s losses were recouped and the uptrend re-instated on the charts. Support set at $112.5K with resistance established at $119.1K. Positive rhetoric from the White House regarding trade regulations as well as acceptance of digital currencies within established financial frameworks added to the technical bias pointing upward. Buyers will look at the $120K mark on the way to testing the $123K record high levels.
