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May 28, 2021

Trade Ideas for GU, GOLD, SPX500

Frank Cabibi

GU Sinks as the Dollar Gains, Gold Rises, SPX Makes Double Top
5/28/2021

GBP/USD Analysis 
GU sank this morning as the USD rallies across the board on mixed news in the US. This morning showed that Core PCE Price Index beat expectations. Now this pair is stuck in between a level of support and resistance testing new highs on the 4H chart.
Gold Analysis 
Gold showing a pinbar reversal on the 4H chart suggesting that price may start rejecting the lows and candles will start moving to the upside. USD has short term strength from recent news, but overall, gold is seeing more demand. The metal will have to test $1912 again if it wants to break to new highs.
SPX500 Analysis 
SPX500 on the 1H chart came down to support after mixed news on the USD. A double top on this timeframe suggests considerable resistance, but a potential higher low will form if this latest candle can stay green. Futures were up ahead of inflation news. Investors are looking at President Biden to announce the $6 trillion budget to spend on the US economy, which could help fuel interest in the equities market.

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