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 understand how CFDs work and whether you can afford to take the high risk of losing your money.

Gold

Market Opportunities - 23/07/2020

23 July, 2020

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. 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.

Gold uptrend opportunity based On 1.00 Lot Calculation:

  • Gold rose above the mark of 1850 to test its highest rate since 2011 (1876.30). The safe- haven Gold remained on the upside as demand for safe- haven assets continued to rise supported by rising financial market uncertainties due to growing number of coronavirus cases worldwide. Many markets participants fear over possible implementations of partial lockdown measures across many countries, which in turn could humper the ongoing global economic recovery. To this end, investors could be expected to flock to the safe- haven assets such as Gold and Silver, which could lead to higher Silver prices. Just yesterday (July 22), the world had the highest jump in new daily coronavirus case of more than 280,000.
  • Meanwhile, tensions between the US and China rose after the US told China to close its consulate in Houston, US. In return, China has reportedly told the US to close its consulate in Wuhan, China.
  • Stimulus talks in the US continued this week, with expectations that a bill on a new stimulus package of around 1 trillion dollars to be passed by the end of July by the US Congress.

Gold, July 23, 2020
Current Price: 1870.00

Gold

Weekly

Trend Direction

UP

Resistance 3

1950.00

Resistance 2

1920.00

Resistance 1

1900.00

Support 1

1840.00

Support 2

1820.00

Support 3

1800.00

Example of calculation base on weekly trend direction for 1.00 Lot*

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss Short in $

8,000.00

5,000.00

3,000.00

-3,000.00

-5,000.00

-7,000.00

Profit or loss Short in €**

6,907.63

4,317.27

2,590.36

-2,590.36

-4,317.27

-6,044.17

Profit or loss Short in £**

5,429.07

3,929.77

2,357.86

-2,357.86

-3,929.77

-5,501.67

Profit or loss Short in C$**

10,708.32

6,692.70

4,015.62

-4,015.62

-6,692.70

-9,369.78

* 1.00 lot is equivalent of 100 units
** Calculations for exchange rate used as of 8:18 am (GMT+1) 23/07/2020
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Senior Account Manager for more details

Share It With Your Network
GOLD Chart
Update Time: -
Highest
Lowest
1M 5M H D W
Prices are loading..
Ready for trading?Start Now