March 24, 2021

Trade Ideas for EUR/USD, XAU/USD, and SPX500

Frank Cabibi

EU in Potential Downtrend, Gold and USD Rise Together
3/24/2021

EUR/USD Analysis
Europe begins further lockdown measures as it continues to struggle with COVID, sending the price of EU down to its 200 day moving average. French and German PMI data both came out better than expected, however, it might not be enough to turn price back up. Right now, we should be looking at a potential downtrend here on this pair unless COT reports show green again.
Gold Analysis
Gold mostly flat this Wednesday as it hovers around a general rising trend line on the 4H chart. Although the USD is rising today, gold can still keep itself afloat which can be taken as a bullish sign on this metal. Price is still hovering below resistance, so that is one major level to watch going forward.
SPX500 Analysis
Bond yields sink some more and the market looks to be coming back up. On the 4H chart, the SPX500 is testing short term resistance on a falling trend line while supported by its 200 SMA right below it. It's an interesting day for sure since the USD is gaining while the market and gold does that same. The rest of the week is going to be very important in getting an idea of where price is headed, so remaining vigilant to news and price swings is going to be big.

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