NEWS: Gold price increased 0.8% as the Core PCE Price Index came in lower than expected, causing the US dollar to weaken, putting upward pressure on gold.
Possible Scenarios:
if Gold fails to breach through R1 of 1788.4, our Research Department expects the Gold to undergo a short- term downward correction.
If Gold manages to break above its R1 of 1788.4, our Research Department expects Gold to extend its gains to its R2 of 1794.01.
Support and Resistance Levels:
Gold |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
1762.22 |
1767.83 |
1773.44 |
1780.92 |
1788.40 |
1794.01 |
1799.62 |
Potential Profit or Potential Loss Calculations:
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
(+/-) $100 |
(+/-) €85.1 |
(+/-) £73.01 |
*1 trading lot is equivalent of 100 units
**EUR/USD = 1.04820
***GBP/USD = 1.22160
Calculations for exchange rate used as of 13:40 (GMT) 01/12/2022