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HomeTrading FocusedTechnical OutlookS&P500 & Gold Technical Outlook For April 05

S&P500 & Gold Technical Outlook For April 05

S&P 500

S&P500 Trend Analysis – SPX (EoD) Chart

SPX plunged more than 100 points from top and closed more than 1.2% down.

First time RSI fell bellow 50 after Nov 2023, its big bearish sign for month of April!l

– Weekly Trend is Still up

– Daily candle closed well below 20 EMA and trend reversed

– Hourly Trend is down

– Weekly swing high is at 5226 and daily resistance is 5180

– Weekly swing low is around 5104 and daily support at 5134.

Gold is reversing as state in last post!

– Gold reached over 2320 and strong trend still continues, Its seem overbought zone now, a small pullback can be expected

– Over Trend is positive but profit booking likely to continue

– I am look enter around 2260 as I have booked my profit yesterday at 2320.

– These pull backs can be a buying opportunity!

– Daily Swing low is around 2280, Hard SL is 2240

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