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Ticker tape by TradingView

May 27, 2021

Trade Ideas for AU, GOLD, SPX500

Frank Cabibi

Gold Comes Down to Support, AU Drops on Good US Employment Data
5/27/2021

AUD/USD Analysis 
AU falls back near a rising trend line on the 4H chart after the US reports news on GDP that missed expectations. Price has resistance at 0.78028 if it were to bounce off this trend line. The pair is currently hovering around its 200 SMA. As AU reaches the end of the wedge, the likelihood that it could breakout to the upside and hit resistance seems reasonable.
Gold Analysis 
Gold comes back down to support after breaking above a consolidation zone. The support zone is between $1880-1890, and that long wick on this timeframe shows rejection from the lows. If price can maintain that long wick, that would be a good sign for the gold bulls.
SPX500 Analysis 
Markets are up this morning as unemployment claims in the US dropped significantly marking a pretty bullish signal for investors. If price can break and close above this level, we could see some more potential upside as momentum continues. 

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