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GOLD

Market Opportunities - 05/08/2020

05 August, 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 has risen above the rate of 2000 for the first time in its history to hit a fresh all- time high of 2044 on August 5.
  • The US dollar is expected to decrease as the US Lawmakers prepare a new stimulus package for the US economy, which could turn out to be even bigger that the initially proposed 1 trillion dollars. The ongoing rising money supply in the US injected by the US Congress and the US Federal Reserve should continue to devalue the US dollar, which in turn should continue to support the dollar denominated safe- haven Gold.
  • Later this week, Friday (13:30 GMT+1), the US Bureau for Labor Statistics will release its July report on how many jobs the US economy has created that month. The report will be accompanied by July’s unemployment rate, which managed to inch down to 11.10% in June.

GOLD, August 5, 2020
Current Price: 2040

Gold

Weekly

Trend Direction

UP

Resistance 3

2150

Resistance 2

2125

Resistance 1

2100

Support 1

1980

Support 2

1970

Support 3

1960

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 $

11,000.00

8,500.00

6,000.00

-6,000.00

-7,000.00

-8,000.00

Profit or loss Short in €**

9,304.61

7,189.92

5,075.24

-5,075.24

-5,921.11

-6,766.99

Profit or loss Short in £**

7,099.66

6,485.73

4,578.16

-4,578.16

-5,341.19

-6,104.21

Profit or loss Short in C$**

14,593.59

11,276.87

7,960.14

-7,960.14

-9,286.83

-10,613.52

* 1.00 lot is equivalent of 100 units
** Calculations for exchange rate used as of 12:54 pm (GMT+1) 05/08/2020
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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