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 |
|
|
2,250.00 |
|
|
2,130.00 |
|
|
2,030.00 |
|
|
1,850.00 |
|
|
1,800.00 |
|
|
1,750.00 |
Example of calculation base on weekly trend direction for 1.00 Lot1
|
Pivot Points |
||||||
|
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.