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May 24, 2021

Trade Ideas for UC, GOLD, SPX500

Frank Cabibi

SPX Points to Higher Open, Gold Steady Upside
5/24/2021

USD/CAD Analysis 
This is the 4H chart of USDCAD which has been stuck in a downtrend for the past year. We have a short term bullish case for USD as it may bounce off the falling trend line and continue its movement in the channel. But, heavy resistance lies above, so the pair may likely fall back to new lows.
Gold Analysis 
Gold spiked up to the $1890s before coming back to the $1870s and consolidating on the 1D chart. The only clear resistance I can see is up in the $1950s where there is a double top. But, if price can hit $1900, it will definitely catch investors' eyes who will see more demand in the metal.
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 next week.

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