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GOLD

Market Opportunities - 06/09/2021

06 September, 2021

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 weekly uptrend opportunity based On 1.00 Lot Calculation:

  • EVENT (TUESDAY, SEPTEMBER 14 AT 13:30 GMT+1): INFLATION (CPI) IN THE U.S. FOR AUGUST. INFLATION (CPI) FOR JULY (5.4% vs. 5.3% exp.) (HIGHEST SINCE 2008). Inflation has continued to rise, moved up by high stimulus packages provided by the US Federal Reserve and the US Congress. A rising inflation usually increases demand for gold as the asset is traditionally considered a store of value, which tends to protect the purchasing power of people’s wealth amid higher inflation.
  • EVENT (WEDNESDAY, SEPTEMBER 22 AT 19:00 GMT+1): FEDERAL RESERVE MEETING. Another delay of stimulus tapering announcement now expected: FED MEETING JULY 28 (PREVIOUS MEETING): INTEREST RATE: Interest rate stay in the range between 0.00% and 0.25%. BOND PURCHASING PROGRAMME (120 billion dollars per month): For the moment they will keep buying the same amount. FED CHAIR JEROME POWELL: “Still some ground to cover before substantial further progress is achieved. The timing of any taper will depend on incoming data and we will provide advance notice before any changes. I'm not in any position to provide any guidance on the timing of the taper. We're clearly a ways away from raising interest rates; it's not on our radar now. Delta could slow the economy down for a period of months”.
  • GOLDMAN SACHS: Goldman Sachs are looking for commodities to "rebound sharply" following their recent sell offs. Goldman Sachs (Gold) are forecasting $2,000 in 3, 6 and 12-month horizons.
  • ANALYSTS OPINION (GOLDMAN SACHS/CITIGROUP/WELLS FARGO/COMMERZBANK/ CREDIT SUISSE/ BANK OF AMERICA): GOLDMAN SACHS has a target price of $2000. CITIGROUP price target stands at 1950. WELLS FARGO sees Gold at $2100-$2200 in 2021. COMMERZBANK expected gold prices to return to $2000 by the end of the year. CREDIT SUISSE targets the area OF $1959-$1966, which rally could potentially extend to $2075. BANK OF AMERICA maintains an average price target of $1845 for 2021.

GOLD, September 6, 2021
Current Price: 1817

GOLD

Weekly

Trend direction

UP

Resistance 3

1900

Resistance 2

1875

Resistance 1

1850

Support 1

1785

Support 2

1770

Support 3

1755

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

GOLD

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

8,300.00

5,800.00

3,300.00

-3,200.00

-4,700.00

-6,200.00

Profit or loss in €**

6,997.31

4,889.69

2,782.06

-2,697.76

-3,962.33

-5,226.91

Profit or loss in £**

5,997.46

4,190.99

2,384.53

-2,312.27

-3,396.15

-4,480.03

Profit or loss in C$**

10,405.71

7,271.46

4,137.21

-4,011.84

-5,892.39

-7,772.94

* 1.00 lot is equivalent of 100 units
** Calculations for exchange rate used as of 12:00 (GMT+1) 06/09/2021
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client 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 Client Manager for more details

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