Gold weekly special report based On 1.00 Lot Calculation:
UNITED STATES ECONOMIC DATA:
- EVENT:(Core PCE Price Index Year-on-Year for October, November 30th, 2023 GMT 13:30): With all other inflationary data exhibiting a declining trend, Core PCE is also expected to come in lower than the previous print, with markets forecasting 3.5% vs 3.7% expected. Weaker data could reinforce dollar weakness, and may push gold prices higher.
- EVENT: (Federal Reserve Chair Powell Speaks, December 1th, 2023 GMT 16:00): Federal Reserve Chair Powell is set to speak, with investors attentively observing the speech. Powell is set to be questioned extensively throughout the event and could be discussing monetary policy expectations and economic outlooks. This may cause volatility and give markets more clarity on an interest rate path moving forward. Could the rhetoric be more dovish; gold price could move higher.
- EVENT: (Federal Reserve Interest Decision, December 13th, 2023 GMT 19:00): The Federal Reserve Bank will meet on December 13th to set the Fed Funds rate target. According to the most recent estimates, analysts are expecting the Federal Reserve to once again hold interest rates at the current level of 5.50%.
- INVESTMENT BANK UBS FORECASTS MUCH BIGGER RATE CUTS IN 2024 COMPARED TO THE MARKET CONSENSUS: Investment bank UBS has forecast interest rate cuts of 275 basis points in 2024, which is four times the market consensus. Sharp interest rate cuts can also be a critical weakening factor for the US dollar, and may be beneficial for gold prices moving forward.
- INFLATION CONTINUES TO DECLINE, PUTS NEGATIVE PRESSURE ON THE US DOLLAR: With inflation exhibiting a strong decline over the last year, the US dollar has moved well below its 2022 highs. The weaker dollar has continued to keep gold prices elevated, and the trend is expected to continue based on the most recent data.
GOLD, November 27, 2023
Current Price:2010
GOLD |
Weekly |
Trend direction |
|
2100 |
|
2050 |
|
2020 |
|
1940 |
|
1910 |
|
1900 |
Example of calculation based on weekly trend direction for 1.00 Lot
Gold |
||||||
Pivot Points |
||||||
Profit or loss in $ |
14,000.00 |
9,000.00 |
4,000.00 |
-4,000.00 |
-6,000.00 |
-7,000.00 |
Profit or loss in €2 |
12,788.37 |
8,221.09 |
3,653.82 |
-3,653.82 |
-5,480.73 |
-6,394.18 |
Profit or loss in £2 |
11,101.64 |
7,136.77 |
3,171.90 |
-3,171.90 |
-4,757.85 |
-5,550.82 |
Profit or loss in C$2 |
19,119.38 |
12,291.03 |
5,462.68 |
-5,462.68 |
-8,194.02 |
-9,559.69 |
1. 1.00 lot is equivalent of 100 units
2. Calculations for exchange rate used as of 10:35 (GMT) 27/11/2023
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account ManagerClient 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 ManagerClient Manager for more details.