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May 21, 2021

Trade Ideas for EU, GOLD, SPX500

Frank Cabibi

EU Mixed Data, Gold Catches Momentum, SPX Recovers Losses
5/21/2021

EUR/USD Analysis 
EU on the 4H chart hits support around 1.21807 and bounces up leaving a long wick on the previous candle. The new candle might come down to test support again, and additional support is on the longer trend line below. Mixed German PMI data seems to be more bearish in the short term while holding a bullish trend overall.
Gold Analysis 
Price has sustained itself above its 200 DMA for a couple days now and continue to move up. A good sign for gold as it moves up with the US equities market and not in the opposite direction of SPX. Heavy resistance lies way ahead in the $1950s, so gold might see some good momentum to the upside until it reaches that level.
SPX500 Analysis 
SPX500 on the 4H chart hits resistance around $4182 and is on its second test. Stocks recover from three days of losses as it tries to get passed the new inflation numbers that nearly doubled analysts' expectations. US Secretary of Treasury, Janet Yellen, calls for raising the corporate tax floor to 15% which could be another thing to look out for in market behavior today.

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