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March 8, 2021

Trade Ideas On GBPCAD, Gold And SPX500

Frank Cabibi

Stimulus News Counteract Bond Yields, Gold Hits 10-Month Low
3/8/2021

GBP/CAD Analysis
The pair hits support on the daily chart after the Bank of England Governor spoke about economic outlook for the UK. Gov. Bailey's monetary policy is to keep inflation low and stable for an optimal recovery. One major level that acts as a decision point is the support it's on right now. A break under will suggest lower lows with additional support at the 200 DMA.
Gold Analysis
Gold reached another low today as it comes down to the bottom of a support zone as well as the falling trend line. Bond yields are still impacting this metal even though US equities are up today. This level looks like it could either be the bottom or that there could be much more downside depending on whether price will break support or not.
SPX500 Analysis
The senate passed a stimulus bill over the weekend which could be the factor that's counteracting the bearishness of rising bond yields. Other than the 200 SMA on the 4H chart, price is stuck underneath a falling trend line and resistance. It appears that SPX will likely have to test this resistance more than once if it wants to break above.

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