CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
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Gold - Usd Dollar Analysis

US Session Analysis for CFD Instruments 07/05/2024

Fundamental analysis

07 May, 2024

Gold prices are trading in today’s European session below 2320 levels.

Gold prices experienced a slight decline during European trading on Tuesday, with limited backing from heightened tensions in the Middle East. Attention also remained focused on the potential for interest rate reductions by the Federal Reserve.

On Monday, gold saw an uptick following Israel's airstrikes on Rafah in Southern Gaza, which complicated ongoing ceasefire negotiations with Hamas. Reports indicated minimal progress in ceasefire discussions between Israel and Hamas.

Additionally, speculation regarding U.S. interest rate cuts gained momentum after weaker-than-anticipated nonfarm payrolls data on Friday led to significant losses in the dollar. However, the dollar stabilised on Tuesday.

Technical analysis

Gold - Usd Dollar Analysis Technical analysis 07/05/2024
Time Frame: 1 hour

GOLD Support & Resistance Table - 07/05/2024

Support & Resistance Level Explanation
Resistance 2 2344.13 Daily R2
Resistance 1 2330.79 Daily R1
Support 1 2295.21 Daily S1
Support 2 2281.87 Daily S2

GOLD Indicator Table - 07/05/2024

Indicator Signal
SMA 20 Buy
SMA 50 Neutral
SMA 100 Sell
MACD( 12;26;9) Neutral
RSI (14) Buy
Stochastic ( 9;6;3) Buy

GOLD Indicator / Period Table - 07/05/2024

Indicator / Period Day - BuyWeek - BuyMonth - Buy
MACD( 12;26;9) Neutral BuyBuy
RSI (14) Buy BuyBuy
SMA 20 Buy SellBuy

GOLD 07/05/2024 - Reference Price : 2313.00

Buy
Simple Moving AverageBuy (1)Sell (1)
Technical Indicators - OscillatorsBuy (2)Sell (0)
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Be Aware: You can lose all, but not more than the balance of your Trading Account. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice. You do not own, or have any interest in, the underlying assets. Fortrade Canada Limited is an Order Execution Only broker, and does not provide investment advice or recommendation. Fortrade is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF). Fortrade Canada Limited is authorised to provide CFD trading services in all provinces in Canada except Quebec. Residents of Alberta province are required to be Accredited Investors to trade CFDs.

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Risk Warning and Disclaimer: CFDs are complex and highly speculative instruments, which come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing all your invested capital. Be Aware: You can lose all, but not more than the balance of your Trading Account. 76% of retail investor accounts lose money when trading CFDs with this provider. These products may not be suitable for all clients, therefore ensure, that you understand the risks and seek independent advice. Should you proceed with investment in CFDs on virtual currencies, please note, that the values are highly volatile and may result in a significant loss for a short period of time. This material does not constitute an offer of, or solicitation for, a transaction in any financial instrument. Fortrade accepts no responsibility for any use that may be made of the information and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk. The information on this site is not directed at residents of the United States or Belgium and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

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