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May 12, 2021

Trade Ideas for GU, SPX, GOLD

Frank Cabibi

Inflation Concerns in the Market, GU Drops, Gold on Support
5/12/2021

GBP/USD Analysis 
GU sank after good news on both currencies reported today. Price could be experiencing a retracement on the 4H chart and setting up to hit support around 1.4000s.
Gold Analysis 
Gold still struggles to break above the 200 DMA but seems to have found support in the $1820s. If price can sustain itself above this mark on the 4H chart, it would be a bullish sign that price will continue to retest the moving average and not come back down to additional support around the $1800 area.
SPX500 Analysis 
SPX dips hard under support on the 4H chart as products are becoming more and more expensive due to inflation. This news has concerned most investors who are lessoning their stake in stocks. A close under this support zone could mean some more bearish movements will likely happen along with a dip to $3987.

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