Gold comes up today as the USD struggles to find strength. Price broke and closed above the 200 DMA which suggests further upside. However, price is now against another level of resistance around the $1850s.

20% off the highs and into correction territory, the SPX500 keeps making lower lows on the 1D timeframe. This price action may continue for a while as the index struggles to find a clean level of support to rebound from. The next level of support lies around $3767 where there was a previous bottom from 2021.

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💡 3 Lies Traders Should Avoid Today

One of the things that makes retail trading unique as a pastime, or even a career, is the degree of honesty and self-reflection it requires. There are many jobs that offer some consistent semblance of leeway when it comes to making mistakes and honing a skill set, but trading is not one of them. No trader can negotiate a raise with the markets or hope for the markets to recognize their hard work; if anyone is not careful with their expectations and risk management, even just one losing trade can be catastrophic. Hence, why truthfulness matters in the world of retail trading: it often spells the difference between passive income and financial ruin. With that in mind, let’s explore 3 lies traders should avoid today.

https://a1trading.com/3-lies-traders-should-avoid-today/

GBP/USD Analysis
GU comes up to test a small resistance level minutes before Governor Bailey speaks about monetary policy post COVID. We could likely expect volatility to increase today especially with a rocky USD. There are some signs that the pair could be bottoming due to several green candles without any harsh sell offs so far. A break and close above 1.26362 would further solidify an uptrend although markets have not really turned from risk-off sentiment yet. This resistance level could be another opportunity for a short setup on the 1D timeframe.

SPX500 Analysis
SPX500 seems to be rebounding well from the lows although it is still tough to say that a shift to an uptrend has occurred. The fact that today's candle touched higher than Friday's is a bullish sign for the index. There is not much news to support bullishness on the SPX, but it looks like there could be a bounce on a technical level. A big rejection from the lows on Friday's candle might be enough start a bounce of some kind. Heavy resistance lies in the way around $4095.

Gold is an interesting market to look at today as price rises for the third day in a row regardless of the increase in short positions on this metal. Edge finder reads in at a -3 sell score suggesting that price is not likely to turn bullish. It looks like rejection from this resistance level could spark another leg downward.

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⚠️ Big Warning For SPX500 Bulls

Traders see some green today as the S&P climbs a little over 1% today. After several weeks of red, investors may see a minor turnaround for the time being. However, SPX500 bulls should still be wary of a few things that warn of a recession.


https://a1trading.com/big-warning-for-spx500-bulls/

GBP/CAD Analysis
GBPCAD might have found a bottom if we zoom far out and find this bottom from September 2019. The past 4 days look promising for the pair although it is hard to tell for sure. However, this level does look heavily discounted within the past 3 years. If price can hold above 1.60927, this might be a bullish sign for the pair going forward.

Gold is also showing signs of potential growth as price broke above resistance on the 1D timeframe. It now looks like price might climb as high as $1890 or even the falling trend line right above resistance. Support still lies around the 200 DMA should the USD regain strength.

SPX500 dropped this morning but seems to be holding steady as we enter the middle of the trading day. If price can end in rejection of the lows on this current 4H candle, we might see another test on the falling trend line.

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📈 How to Trade EURUSD Now

EURUSD saw a breakout to the upside of a four month long bearish trendline on Monday, as bullish momentum caused it to close over 120 pips higher on big monetary policy news from the European Central Bank (ECB). Christine Lagarde, the ECB’s President, announced they will be pivoting away from net asset purchases, and subsequently negative interest rates, in the next several months. At the time of writing this, the EURUSD sits at 1.072 as buying pressure continues. With that in mind, let’s dive deeper as we explore how to trade EURUSD now.


https://a1trading.com/how-to-trade-eurusd-now/

💡 Sterling Suffers Sharp Decline Right After This

The British Pound fell sharply after an unexpected report on PMI data missed expectations by way more than what was forecasted. Most pound pairs are down as GBP/USD dropped -0.62% today. The sterling suffers one of the hardest drops in a long time.

https://a1trading.com/sterling-suffers-sharp-decline-right-after-this/

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