CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Gold

Special Reports - 23/01/2023

23 January, 2023

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 special report based On 1.00 Lot Calculation:

  • EVENT: United States GDP for the 4th Quarter (Thursday, January 26th, 2023, 13:30 GMT)- The United States will release its first reading of its Q4 GDP. The consensus forecast is 2.6%, Year-over-Year, down from Q3’s print of 3.2%.
  • EVENT: United States Core PCE Price Index for December (Friday, January 27th, 2023) - The PCE is known as the Fed’s favorite inflation indicator. It is expected to increase 0.3%, Month-over-Month, and 4.4%, year-over-Year.
  • EVENT: U.S. Federal Reserve Meeting and Interest Rate Decision (February 1st, 2023, 19:00 GMT)- The Federal Open Market Committee will complete their 2-day meeting on February 1st and announce changes to the Federal Funds Rate target. The subsequent press conference by Chairman Jerome Powell will serve as a harbinger of how aggressive the U.S. central bank will be with respect to future rate hikes. Futures markets currently forecast a 99.8% chance of a 25 basis point hike on February 1st.
  • EVENT: United States Non-Farm Payrolls (NFP) and Unemployment Rate, for January (February 3rd, 2023, 13:30 GMT) - The NFP is expected to fall to 175,000, while the unemployment rate is forecast to climb to 3.6%.
  • EVENT: United States Consumer Price Index, CPI, for January (February 14th, 2023, 13:30 GMT) - The United States will post its January inflation data. Top-line CPI is expected to fall to 6.3% from 6.5% and the Core CPI is forecast to drop to 5.5% from 5.7% in December.
  • NEWS: The World Gold Council reported that central banks bought 399 tons of Gold in the 3rd quarter of 2022. Through the first 9 months of 2022, central banks have bought more Gold than any year since 1967.
  • ANALYSTS OPINION: Bank of America set $2,000 as its 2023 price target for Gold. Saxo Bank is forecasting $3,000 for Gold in 2023
  • GOLD PRICE ACTION: Gold reached $2070.06 in early 2022.

GOLD, January 23rd, 2023
Current Price:1,930.00

Gold

Weekly

Trend direction

UP

Resistance 3

2,250.00

Resistance 2

2,130.00

Resistance 1

2,030.00

Support 1

1,850.00

Support 2

1,800.00

Support 3

1,750.00

Example of calculation base on weekly trend direction for 1.00 Lot1

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

32,000.00

20,000.00

10,000.00

-8,000.00

-13,000.00

-18,000.00

Profit or loss in €2

29,370.46

18,356.54

9,178.27

-7,342.62

-11,931.75

-16,520.89

Profit or loss in £2

25,860.68

16,162.92

8,081.46

-6,465.17

-10,505.90

-14,546.63

Profit or loss in C$2

42,753.60

26,721.00

13,360.50

-10,688.40

-17,368.65

-24,048.90

1. 1.00 lot is equivalent of 100 units

2. Calculations for exchange rate used as of 10:41 (GMT) 23/01/2023
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.
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