NEWS: Gold price increased 0.6%. Gold prices are rising sharply as the US dollar index falls after higher than expected jobless claims puts dovish sentiment back on track.
Possible Scenarios:
If Gold fails to breach through R2 of 2333.68, our Research Department expects the Gold to undergo a short- term downward correction.
If Gold manages to break above its R2 of 2333.68, our Research Department expects the Gold to extend its gains to its R3 of 2343.39.
Support and Resistance Levels:
Gold |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
2278.61 |
2288.32 |
2298.04 |
2311.00 |
2323.96 |
2333.68 |
2343.39 |
Potential Profit or Potential Loss Calculations:
1 dollar per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
(+/-) $100 |
(+/-) €92.98 |
(+/-) £79.97 |
*1 trading lot is equivalent of 100 units
**EUR/USD = 1.07545
***GBP/USD = 1.25047
Calculations for exchange rate used as of Thursday, May 9, 2024, GMT+1 13:43h