USD INDEX
The USD continued it’s strong start to the year with buyers maintaining control signalling a higher high and higher low on the chart. The first major data release on Friday (December 9th NFP/job numbers) confirming demand for the global reserve currency amidst ongoing geopolitical conflicts and financial uncertainty. While the index still trades close to the 2025 low end of the range, the daily trend has turned upward, for now. Buyers will aim to test the 100.00 mark while sellers look down to the 98.00 area. Resistance at 99.01 with support at 97.87.
S&P 500
Demand for US equities continues as the chart confirms the 6th green candlestick from the past 7 weeks, with the index making a new all-time high. Buyers broke above the 7000 level and finished the week strong following Friday’s NFP report. Note that US equities moved in the same direction as the USD (higher) as opposed to the traditional inverse relationship between the 2 major assets. Resistance at 7013 with support at 6900.
GOLD
Along with the USD and equities, gold also had a strong week, recouping losses from last week as sellers did not add to the brief bout of profit taking. Technical, fundamentals and sentiment favour a test of the all-time high at $4550 (December 2025). Demand for the safe haven commodity is benefitting from both the unsettled geopolitical conflicts as well as those which have come to the fore in the new year - Venezuela and Iran. As we saw last year, should the metal break resistance and move into unchartered territory rallies can be sharp and extreme. Resistance at $4517 with support at $4363.
BRENT OIL
A strong rally saw oil break significant levels on the upside as supply issues entered the picture. Demand resulted in buyers breaking out of the month-long sideways range between $60 and $62. Further, the descending trendline which has been in effect for 6 months (July 2025) was convincingly broken to the upside. Note current resistance has held strong since late last year (November 2025) as buyers now aim to target the $65 mark. Resistance at $63.98 with support at $59.72.
BITCOIN
Neither buyers or sellers have been able to close the week outside of a narrow $3K range ($89K - $92K) for the past 8 weeks. Based on buyer’s inability to make a significant rebound from the $46K sell-off last year (October/November 2025) tends to tilt the bias downwards. Last week confirmed buyers unable to break above %94K while sellers remain unable to maintain below the $90K area. Resistance at $94.9K with support at $89K.
