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GOLD

Market Opportunities - 06/08/2019

06 August, 2019

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 an uptrend opportunity based On 1.00 Lot* Calculation:

Gold managed to break above $1,440 area after a certain period of consolidation. The rate cut helped the commodity to break above this strong resistance level.

Today gold prices rose amid the escalating US-China trade dispute, while political concerns in Hong Kong also spurred safe-haven demand. Gold is certainly benefiting from the global concerns about the outlook for growth, and central banks are likely to maintain their accommodative stance, so the demand for gold as an alternative investment has increased dramatically. Moreover, it is expected to surge higher.

Last week, US President Donald Trump unexpectedly announced additional tariffs on $300 billion worth of Chinese imports. According to local reports, China vowed to fight back but did not give any further details. This situation might lead to a mixed market sentiment and the price correction.

GOLD, August 6, 2019
Pivot point: 1460.00

GOLD

Weekly

Trend Direction

UP

Resistance 3

1501.00

Resistance 2

1498.00

Resistance 1

1482.00

Support 1

1439.00

Support 2

1423.00

Support 3

1420.00

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 $

4100

3800

2200

-2100

-3700

-4000

Profit or loss Short in €

3633

3368

1950

-1861

-3279

-3545

Profit or loss Short in £

3262

3024

1750

-1671

-2944

-3183

* 1.00 lot is equivalent of 100 units
** Calculations for exchange rate used as of 10:30 GMT+1 6/8/2019
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
*** Please 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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