USD INDEX
Sellers started the week pushing lower but it did not last, as buyers stepped in and went on to erase the losses to end the week with a strong bounce up, enough to signal a reversal on the daily time frame. Thin volume and illiquidity could see some volatile moves in the coming shortened Christmas week’s activity. Aside from sharp intraday moves, the 98.00 area does appear to be a comfort zone for now. Resistance at 98.40 with support at 97.49.
S&P 500
Similarly to the USDX, sellers started the week on the front foot, only for buyers to step in Thursday and Friday, recouping losses and ending the week back where it started. The doji-like candlestick confirms the indecision. If there is more of the Santa rally to follow, buyers will look up at the 6900 mark. A bout of profit taking would not be unexpected after a standout year with recent record highs on the index. Sellers will aim below the 6800 level. Resistance at 6934 with support at 6765.
GOLD
The push higher was gentle, subtle, yet enough to record a 4th consecutive higher high and higher low on the chart. A weekly high just $7 off the record all-time high set in October. Clearly demand for the safe haven commodity remains, in spite of buyers laying low through December. Note how the support moved up from $4000 - $4100 - $4200 - $4300 following the October pullback. Should profit takers remain on the sidelines, buyers could look up for one more new record before year-end. Resistance at $4375 with support at $4273.
BRENT OIL
Sellers started the week with a substantial push lower taking out significant support levels resulting in a retest of April lows - levels not seen since early 2021. Buyers did step in, however the bounce up did appear to be technically driven as fundamentals and supply concerns have done little to create demand for the commodity. Going into the Christmas shortened week, trend, bias and sentiment continue to point downward. Current price hovers close to the pivotal $60 level. Resistance at $61.52 with support at $58.80.
BITCOIN
Neither buyers or sellers were able to hold onto intraday moves throughout the week as the cryptocurrency continues to trade sideways in a relatively narrow range between $85K on the downside and $90K on the upside. The trend remains down, while the doji-like weekly candlestick reflects the current mood of indecision. Resistance at $90.2K with support at $84.5K.
