USD INDEX
Sellers won out over the week, but technically the move lower does not appear convincing with the uptrend remaining intact (EMAs pointing up). Price activity has a sideways feel with neither buyers or sellers breaking above or below last week’s range. Further, the weekly close sits alongside last week’s closing price. Resistance at 99.29 with support at 97.74.
S&P 500
The index did fight back this week with a higher close, however there was a nervous uneasy feeling in the stock markets with the demand which saw record highs early in the month subside. Price activity has moved sideways with the EMAs basically running parallel over the past 4 weeks. Note the lower high and lower low on the chart, following up from the previous week’s bearish engulfing candlestick. Resistance at 6773 with support at 6570.
GOLD
The historic rally continued for the 9th straight week with higher highs, higher lows and record prices being set on a regular basis. As the USD and equity markets move sideways, demand for the safe- haven commodity appears to be the sole option within an uncertain financial environment. As buyers trade in unchartered territory, the lack of previous resistance levels/barriers make for sharp moves to the upside. Clearly sellers have not yet turned to profit taking and rather it is buyers who step in when prices retreat. Resistance at $4382 with support at $4023.
BRENT OIL
Sellers dominated for the 3rd consecutive week as lack of demand kept buyers on the sidelines. Resistance at $63.97 and support at $59.93. Fears of a global economic slow down, renewed tariff threats and trade wars (US-China) override supply concerns which may result from global geopolitical unrest. The $60 level could well become a pivotal level in current conditions.
BITCOIN
A 2nd straight week of sellers dominating, resulting in a move from the record high at $126K (October 6) down to $103K. Resistance at $116.1K with support established at $103.4K. Trend is down as the sentiment and bias appear to have reversed over the past 2 weeks. The $110K mark looks to be the pivotal level heading into the new week. Buyers have put in a strong bounce up over this weekend, heading into the new trading week.
