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May 18, 2021

Trade Ideas for GU, GOLD, NAS100

Frank Cabibi

GU Tops Out in Trend, Gold Makes Major Breakout Move
5/18/2021

GBP/USD Analysis 
GU at the top of it's rising trend line on the 1D chart and touching resistance. Gov Bailey is to speak for the Bank of England today about economic projections and monetary policy going forward. This news could cause some volatility as price comes up to test resistance in the 1.42400s.
Gold Analysis 
Gold made a huge break above the 200 DMA and 9-month falling trend line which is a really good sign for gold bulls. COT reports show some more buying from the smart money which helps the case for gold even more. Next big resistance seems to lie around $1950s, but it seems like it will take some time to actually get up to that level.
NAS100 Analysis 
The Nasdaq struggled this past week from major tech sell-offs but found support on the rising trend line on the 1D chart. Now NAS100 is up against mild resistance around $13,390 so price will likely have to retest if it can't break above during the trading day today.

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