USD INDEX
The uptrend picked up momentum all through the week with a strong push Friday securing a yearly high for the index. As global geopolitical conflict/middle east war enters week 3, the flight to USD safety as the safe asset/currency of choice has been confirmed. Buyers will aim to maintain above the 100.00 mark, a significant level which has acted as both a resistance and support level. Resistance at 100.26 with support at 98.20.
S&P 500
An attempted rally to start the week was short lived as sellers stepped in and reversed almost all early gains to record a lower low and add to the established downtrend. Notwithstanding a slight green body, the weekly candlestick confirmed the nervousness and lack of demand for US equities. The sharp spike in oil adding to inflationary fears of a global economic slowdown, coupled with the USD rally, both contributing to the sell-off. Price activity contained between 6900 on the upside and 6600 on the downside - the support area well guarded by buyers, for now. Resistance at 6903 with support at 6588.
GOLD
A 2nd consecutive red candlestick with a lower high adding to the downtrend. Note the ascending trendline broken to the downside. As has been the case since February, the $5000 support area held strong. The contradiction regarding the metal relates to gold’s safety status remaining in place, however it appears the traditional inverse relationship between strong USD and weak gold has weighed on the USD, resulting in an unexpected lack of demand for the safe haven commodity. The relatively low price has not attracted values buys, as yet. Any meaningful reversal, as opposed to sharp spikes, will be reflected on the shorter timeframes, 4 hour and daily. Resistance at $5238 with support at $5006.
BRENT OIL
The initial spike higher to start the week set the pace for extreme volatility (almost a $40 differential between high and low of the week) as oil prices reacted sharply to rhetoric and practical reality: US’s claiming victory and declaring the war was over, while continuing to attack Iranian oil sites; as Iran continues it’s retaliation against gulf states and restricting passage through the region (straits of Hormuz closed). Going into week 3, oil has settled above $100 with threats of $200 a barrel coming out of Iran. Resistance at $119.33 with support at $81.58.
BITCOIN
A positive week for the cryptocurrency with buyers maintaining control and going on to record the highest close (noticeably above $70K) since early February 2026. Note the bounce off the ascending trendline, coinciding with the strong support area ($66K) which buyers continue to defend. Resistance matches that of last week with buyers unable to reach $74K on the upside. Current resistance acted as resistance previously (April 2024) as well as support (April 2025) which does add relevance to the level. While technically the retracement is clear on the charts, the demand for BTC remains relatively soft. Resistance at $73.8K with support at $65.9K.
