USD INDEX
Sellers added to the downtrend as demand for USD remains limited, in spite of an uncertain middle east conflict showing no signs of a practical settlement - the safe haven status and liquidity elements which saw a flight to USD when the war started, are no longer creating demand for the global currency. A divided Fed, and oil prices remaining elevated add to the negative USD bias. However, note buyers continue to protect the 98.00 support area. Resistance at 98.95 with support at 97.49.
S&P 500
Investors appear to be less concerned about the middle east war, or at least optimistic that the worst is over, as demand for US equities continues. The strong uptrend reflects a 5th consecutive higher high and higher low on the chart. The index made new record highs as buyers maintain control while sellers remain on the sidelines. Classic inverse relationship: weak USD = strong equities. Strong earnings reports add to the optimism/upward bias. Profit taking and overbought technical not having an influence, yet. Resistance at 7297 with support at 7133.
GOLD
Sellers won out for the 2nd consecutive week as the downtrend remains intact. The big picture sees prices contained between $4500 and $4700. Noteworthy that in spite of the geopolitical conflict (US/Iran), demand for the safe haven commodity remains limited. Sellers will aim below $4600 on the way to challenging $4500, while buyers look to break above $4700 in order to reverse the trend and initiate a new uptrend. Resistance at $4726 with support at $4514.
BRENT OIL
Bias, trend and sentiment all point to the upside within a nervous, volatile oil market. Production and supply concerns equate to the price remaining above the $100 dividing line as for practical purposes the straits of Hormuz remain closed. Adding to the negative sentiment is the realization of the potential long-term consequences related to the current situation. New threats and/or military conflict may see prices above $110, while optimism and/or concrete negotiations on the ground will see prices aim below the $100 mark. Resistance at $114.56 with support at $99.64.
BITCOIN
Buyers maintained control, ending the week back where it started. The doji-like candlestick and bullish bias confirm demand for the cryptocurrency with trend and sentiment pointing higher. Although buyers continue to struggle at current resistance levels, the lack of follow-through to bouts of selling tends to favour the uptrend. Resistance at $79.4K with support at $74.8K.
