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May 10, 2021

Trade Ideas for AU, GOLD, DOGE

Frank Cabibi

AU Creates New Support, Gold Tests Resistance, Doge Consolidates
5/10/2021

AUD/USD Analysis 
AU on the daily chart broke well above resistance around .78100s. Retail sales were not so great this time around for the buck, but the currency can still find demand over the USD right now. Most fiat money can find a reason to bet against the USD as inflation continues to pound the dollar down.
Gold Analysis 
Gold continues to push upward on a weakening dollar but is now at some heavy resistance on the 1D chart. The 200 day moving average is going to test whether momentum is strong enough to break above or if it will have to retest recent highs once again. If it can't, big support lies at the $1800 mark.
DOGE/USD Analysis 
The meme crypto did end up coming all the way down to heavy support in the 40 cent range, and is currently hovering just above it. Doge hit its all-time high the day before Elon Musk appeared on Saturday Night Live which caused a buy-the-rumor-sell-the-news situation. Now the question is: can doge recover from the sell off from this weekend, or was everyone else right in that it is actually a worthless digital currency? Techincals suggest that a break under support could be bad news, but staying above it is a good sign.

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