USD INDEX
The index had a solid performance confirming USD demand for the 2nd consecutive week. Buyers guarded the 97.00 support area just as we saw in 2025. Note the fib retracement tool measuring the reversal from the sell-off at the start of the year (99.28 down to 95.36) which is now at the 61.8%/3rd fib retracement level. Buyers will aim to break, and maintain above this mark in an attempt to reverse the weekly downtrend. Resistance at 97.88 with support at 96.90.
S&P 500
Buyers left it late in the week to step in, with a record-breaking rally on Friday. The candlestick has a doji-like appearance, although the nature of the late bounce has a definite bullish feel, signalled with a bullish engulfing candlestick on the daily chart. Note the ascending trendline from November 2025 held after being broken to the downside earlier in the week. On the flip side, we see that sellers continue to guard the 7020 resistance area since the start of the year. Resistance at 7029 with support at 6749.
GOLD
Following a significant sell-off early in the week, (adding to the previous week’s losses) combined for a $1200 move lower ($5600 to $4400), buyers stepped in to halt the slide, and went on to close the week with a reasonable and steady bout of buying into Friday’s close. Notwithstanding the green candlestick, the chart reflects a lower high and lower low on the weekly chart. The nature of the bounce appears to confirm buyers recognize the safe haven commodity’s value - with the next upside target being eyed above the $5000 mark. Resistance at $5095 with support at $4392.
BRENT OIL
A volatile week saw buyers and sellers unable to hold onto intraday moves, with the weekly candlestick confirming the activity with a shallow body and long wicks in both directions. The uptrend remains in place with a 6th consecutive green weekly candlestick. Further, the weekly low adds to the succession of higher lows on the chart. The bias remains tilted to the upside with geopolitical uncertainty on the Ukraine/Russia front no closer to a settlement, as well as the ongoing aggressive rhetoric/threats surrounding the US/Iran conflict. Resistance at $69.72 with support at $65.19.
BITCOIN
Although buyers did step in through the latter half of the week, the overall picture remains the same - the 4 month sell-off from October 6th 2025 has been paused, at best, with the late bounce resembling a natural correction from more a technical, than fundamental perspective. A 25% loss of value in just one week, contributing to the cryptocurrency’s decline from $126K down to $60K has put a material dent into real demand for the cryptocoin. Buyers will aim to continue with the bounce up, looking above $80K as a first step to reversing the trend and creating new interest on the buy side. Resistance at $79.2K with support at $60K.
