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April 16, 2021

Trade Ideas for GU, GOLD, SPX500

Frank Cabibi

GU in Wedge, Gold Breaks Out, SPX500 Hits New Highs
4/16/2021

GBP/USD Analysis 
Price bounced off a rising trend line on the daily chart for GU. Now the daily candle is reaching the top of the wedge to where it has stumbled on resistance before. USD had great retail sales reports yesterday which could spur momentum to the downside on this pair, but it would be hard to reverse the long term uptrend that this pair is in.
Gold Analysis 
Gold on the daily chart has finally broken above resistance in the $1760s. If price can close above that level, it would be a great sign for the bulls. Next major resistance appears to be the 200 DMA in the mid-$1800s.
SPX500 Analysis 
SPX500 at fresh highs after strong earnings day. Retail sales seems to be benefitting the stock market more so than the US dollar. There is very clear support in the high 3900s which is also quite a ways from current price. So, we could see big volatility here soon with swings in either direction.

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