NEWS: Gold price increased 1.0%. Gold is bouncing off of its recent low ahead of President Biden’s address tonight about a new multi-trillion dollar infrastructure bill.
Possible Scenarios:
If Gold fails to breach through R2 of 1704.68, our Research Department expects the Gold to undergo a short- term downward correction.
If Gold manages to break above its R2 of 1704.68, our Research Department expects the Gold to extend its gains to its R3 of 1711.67.
Support and Resistance Levels:
Gold |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
1665.01 |
1672.01 |
1679.01 |
1688.34 |
1697.67 |
1704.67 |
1711.67 |
Potential Profit or Potential Loss Calculations:
1 dollar per 1 trading lot* |
USD |
EUR** |
GBP*** |
(+/-)100$ |
(+/-)85.14€ |
(+/-)72.43£ |
*1 trading lot is equivalent of 100 units
** EUR/USD = 1.17450
*** GBP/USD = 1.38064
Calculations for exchange rate used as of 15:22 (GMT) 31/03/2021