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Gold

Market Opportunities - 31/07/2020

31 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:

  • The presented US GDP data for the second quarter showed all the sad state of the country's economy, which has experienced a spring closure period against the background of a coronavirus pandemic, as well as huge losses that may be eliminated for a considerable period of time. According to the published statistics, the US economy fell by 32.9%, which is slightly better than the consensus forecast for a decline of 34.1%.
  • The disappointing results of the July Federal Reserve meeting amid an increase in the number of COVID-19 infected in the United States and a record slowdown in the American economy - all these factors have exerted strong pressure on the USD and driving gold to make such significant advances. US President Donald Trump also added fuel to the fire yesterday, voicing the unprecedented idea of postponing the presidential election.
  • The risk of geopolitical tensions, as well as weak economic growth, are just some of the factors that may contribute to the growth of gold price.

Gold, July 31, 2020
Current Price: 1970.00

Gold

Weekly

Trend direction

UP

Resistance 3

2,030.00

Resistance 2

2,010.00

Resistance 1

1,990.00

Support 1

1,950.00

Support 2

1,930.00

Support 3

1,910.00

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

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

6,000.00

4,000.00

2,000.00

-2,000.00

-4,000.00

-6,000.00

Profit or loss in €**

5,046.26

3,364.17

1,682.09

-1,682.09

-3,364.17

-5,046.26

Profit or loss in £**

4,570.38

3,046.92

1,523.46

-1,523.46

-3,046.92

-4,570.38

Profit or loss in C$**

8,056.20

5,370.80

2,685.40

-2,685.40

-5,370.80

-8,056.20

* 1.00 lot is equivalent of 100 units
** Calculations for exchange rate used as of 10:58am (GMT+1) 31/07/2020
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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