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June 4, 2021

Trade Ideas for UC, GOLD, SPX500

Frank Cabibi

UC Trades Sideways, Gold Bounces Back, US Unemployment Hits Yearly Lows
6/4/2021

USD/CAD Analysis 
The dollar cad starting to fall on the 4H chart on CAD's employment change numbers missing expectations and their unemployment rate stayed the same, while USD's NFP numbers missed. The pair is under consolidation between 1.20079 and 1.21383 where it looks like a sideways channel formed. 
Gold Analysis 
NFP numbers show dollar weakness and a reason for the metal to come back from the recent lows. Price neared support on the 4H chart before bouncing back and is now touching resistance at $1882. Gold still looks like it is in a downtrend for the time being unless it can break resistance and test highs.
SPX500 Analysis 
Market's are affected by NFP numbers too, but unemployment rate seems to be the biggest catalyst in the market. Beating expectations by 0.1%, the forecast was 5.9% unemployed. Now SPX500 reaches higher and nears recent highs around $4220s and a rising trend line to act as resistance. Big support lies around its 200 SMA on the 4H chart paired with a recent bottom at $4167.

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