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June 1, 2021

Trade Ideas for AU, GOLD, SPX500

Frank Cabibi

AU Consolidates on Big News, Gold and SPX Form New Uptrends
6/1/2021

AUD/USD Analysis 
AU hovers over the 4H trend line as the Buck keeps cash rate the same as last month's. As expected news keeps price around the same price going into the week, and the 200 SMA on this timeframe seems to be another big level of resistance.
Gold Analysis 
Gold tests new recent highs before coming back down and sinking towards support on the 4H chart. A possible higher low could come from this after price has made a higher high. COT suggests that big money is moving back in the metal.
SPX500 Analysis 
Investors looked for green today as the first of the month as SPX500 is up 0.55% on the day. We look like we could be in an upward channel on the 4H chart as higher lows and highs are being made. If price were to break under the channel, support could be found around $4,188.

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