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Gold

Market Opportunities - 29/07/2020

29 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 continues to rapidly move up, not noticing absolutely any obstacles, and breaks new records. The maximum value levels appear literally every day. The reason for this super-positive mood is the notable weakening of the greenback, as well as the very vague prospects for the early recovery of the global economy after the crisis caused by the coronavirus pandemic.
  • There are several global factors that are driving gold to make such significant advances. First, this is a rather disappointing forecast for the growth of the global economy in general and the economy of the United States of America in particular. Second (and this is now coming to the fore) is the growing conflict between Washington and Beijing. And finally, the weakening of the US dollar continues to occur against the background of the adoption of a new portion of stimulating measures in the US.

Gold, July 27, 2020
Current Price: 1955.00

Gold

Weekly

Trend Direction

UP

Resistance 3

2,015.00

Resistance 2

1,995.00

Resistance 1

1,975.00

Support 1

1,935.00

Support 2

1,915.00

Support 3

1,895.00

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 $

6,000.00

4,000.00

2,000.00

-2,000.00

-4,000.00

-6,000.00

Profit or loss Short in €**

5,108.12

3,405.41

1,702.71

-1,702.71

-3,405.41

-5,108.12

Profit or loss Short in £**

4,638.94

3,092.62

1,546.31

-1,546.31

-3,092.62

-4,638.94

Profit or loss Short in C$**

8,012.40

5,341.60

2,670.80

-2,670.80

-5,341.60

-8,012.40

* 1.00 lot is equivalent of 100 units
** Calculations for exchange rate used as of 08:58 am (GMT+1) 29/07/2020
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

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