Dollar Bullish While Pound Vulnerable; S&P 500 Nears Major Support as Gold Eyes $2,000 Again and Bitcoin Triangle Hints at Breakout
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The Dollar Index remains firm overall, exhibiting a bullish flag pattern on the weekly chart that signals potential for more upside. Resistance is seen around 109.33.
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GBP/USD looks vulnerable below the 1.21 handle, with a bearish pennant on the daily chart pointing to downside risk toward support around 1.2019.
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The S&P 500 is testing major support around 4,100 after breaking below the 4,177 level. A monthly support confluence could trigger some profit-taking.
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Gold extended its recovery rally for a third week, clearing resistance around 1,988 to expose the 2,000 mark. Room remains for additional upside toward resistance at 2,049.
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Bitcoin formed an ascending triangle on the hourly chart, a continuation pattern that could see prices break higher if resistance around 35,157 is taken out. Overbought conditions are a concern.