Gold weekly uptrend opportunity based On 1.00 Lot Calculation:
- EVENT: U.S. NON-FARM PAYROLLS AND UNEMPLOYMENT RATE (September) (FrIday, October 7th, 13:30 GMT+1): The United States will release the latest employment figures for September. The U.S. Federal Reserve has been in an interest rate hiking cycle for several months and the strength of the American labor market will influence whether the central bank remains aggressive with its hikes, or slows down the pace of its interest rate increases.
- EVENT: U.S. Consumer Price Index (CPI) (September) (Thursday, October 13th, 13:30 GMT+1): The United States will post the CPI figures for September. The U.S. Federal Reserve has been in an interest rate hiking cycle for several months. Its stated goal is to push inflation down to 2%. The level and month-to-month change in the CPI will influence whether the central bank remains aggressive with its hikes, or slows down the pace of its interest rate increases.
- GEO-POLITICAL EVENTS: The war in Ukraine has entered its 8th month. Russia formally annexed parts of Ukraine’s Eastern provinces after holding sham referendums in the occupied territories. Ukraine responded by formally applying to join NATO. On the Korean peninsula, North Korea just fired a long-range missile over 2600 kilometers, over Japan and into the Pacific. Gold is considered to be a safe-haven asset and a preferred holding in times of global uncertainties.
- GOLD PRICE ACTION: Gold reached $2070.06 in 2022.
- TECHNICAL ANALYSIS: STRONG SUPPORT AROUND $1700. Since May 2020, Gold has fallen below $1700 only seven times.
- ANALYSTS OPINION: Goldman Sachs six month price target to $1950. Citigroup forecasts $1900. Commerzbank expects $1900 by the end of 2022.
GOLD, October 4, 2022
Current Price: 1,700.00
|
Gold |
Weekly |
|
Trend direction |
|
|
1,850.00 |
|
|
1,800.00 |
|
|
1,750.00 |
|
|
1,660.00 |
|
|
1,620.00 |
|
|
1,580.00 |
Example of calculation base on weekly trend direction for 1.00 Lot1
|
Pivot Points |
||||||
|
Profit or loss in $ |
15,000.00 |
10,000.00 |
5,000.00 |
-4,000.00 |
-8,000.00 |
-12,000.00 |
|
Profit or loss in €2 |
15,182.19 |
10,121.46 |
5,060.73 |
-4,048.58 |
-8,097.17 |
-12,145.75 |
|
Profit or loss in £2 |
13,144.98 |
8,763.32 |
4,381.66 |
-3,505.33 |
-7,010.66 |
-10,515.98 |
|
Profit or loss in C$2 |
20,379.00 |
13,586.00 |
6,793.00 |
-5,434.40 |
-10,868.80 |
-16,303.20 |
1. 1.00 lot is equivalent of 100 units
2. Calculations for exchange rate used as of 08:44 (GMT+1) 4/10/2022
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.