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Investment Recommendations April 4th

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Investment Recommendations April 4th

Introduction

S&P 500: Short-Term Sell

S&P 500 Futures, 4-Hour Chart Analysis

The index rolled over yesterday as the MACD suggested, and now the momentum indicator is clearly bearish on the 4-hour chart. The 2332 level and the 2319 support are obvious targets for this wave, and the test of the longer-term 2308 support level is also possible in the coming days.

Long-term short positions might also be considered here, with the recent swing-high around 2368 providing a good stop-loss opportunity. In a bullish scenario, a recovery above the 2351-2355 zone could set-up a test of the all-time highs near the 2400 level. Bulls should consider placing the stop-loss order around 2330.

Gold: Short-Term Buy (Update)

Gold, 4-Hour Chart Analysis

Gold continues to act strong above the short-term support level near $1240, and it reached are trading target at $1260 once again this morning. The precious metal is facing key resistance in this area, but a significant breakout is still in the cards, and a push towards 1300 is possible.

Traders who want to hold their long positions (or at least a part of it) in anticipation of further upside are advised to push their stop-loss level higher, as a potential failed break-out could lead to a sharp correction in gold. The $1244 level seems to be a good choice for a stop, but a broader stop around the $1238-$1240 zone also makes sense.

Featured image from Shutterstock.

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Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

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