NEWS: Gold price decreased 0.8%. Gold futures slid Friday as the U.S. dollar firmed and investors were parsing President Joe Biden’s $1.9 trillion COVID-19 relief plan. Gold has been particularly sensitive to moves in the U.S. dollar and a rise in government debt yields, which can undercut appetite for precious metals.
Possible Scenarios:
If Gold fails to breach through S2 of 1822.32, our Research Department expects the Gold to undergo a short-term upward correction.
If Gold manages to break below its S2 of 1822.32, our Research Department expects the Gold to extend its losses to its S3 of 1810.06
Support and Resistance Levels:
Gold |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
1810.06 |
1822.32 |
1834.58 |
1850.93 |
1867.28 |
1879.54 |
1891.80 |
Potential Profit or Potential Loss Calculations:
1 dollar per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
(+/-) $100 |
(+/-) €82.21 |
(+/-) £73.28 |
*1 trading lot is equivalent of 100 units
**EUR/USD = 1.21642
***GBP/USD = 1.36465
Calculations for exchange rate used as of 15:20 (GMT) 15/01/2021