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May 7, 2021

Trade Ideas for UC, GOLD, SPX500

Frank Cabibi

UC Keeps Dropping, Gold Passes $1800, SPX500 Recovers
5/7/2021

USD/CAD Analysis 
USDCAD on the 4H chart hitting a falling trend line and found mild support. Because of the long term downtrend, it is more likely that price will continue this direction unless a huge catalyst turns USD bullish against CAD. Resistance sits above price at around 1.22500s.
Gold Analysis 
Gold ended up breaking out of its wedge and ran up above the $1800 mark earlier this week. Now that price is at its highest point since February, we can expect that gold will likely stay above $1800. If price does come back down, there is some support around $1820, and also in the $1790s.
SPX500 Analysis 
Interest rates are expected to stay low which helped tech stock rebound after selling off. SPX500 recovers from the dip and surpasses all time highs. The break in resistance has now created additional support to the index as demand for stocks is the highest ever.

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