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May 3, 2021

Trade Ideas for AU, GOLD, SPX500

Frank Cabibi
AU Trades Sideways, Gold Recovers
5/3/2021
AUD/USD Analysis 
AU stuck in consolidation on the 4H chart, but staying consistently within the boundaries of support and resistance. Price is now on its way to hit a fourth test on resistance right above 0.78000. Trading the channel could be effective as well as looking for breakouts of this zone.
Gold Analysis 
Gold seemingly recovered from that bearish trend signal after breaking below a rising trend line on the 4H chart. Fortunately for the bulls, price held on support and is now testing resistance at a 2-month high. $1800 will be a big level to break for this precious metal.
SPX500 Analysis 
SPX still hovers over support as it struggles to break to new highs. Bank of America analyst says that the market could be sending some bearish signals to sell in the near future, but there are several levels of support SPX would have to break before it starts to appear as a concern.

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