GOLD weekly special report based On 1.00 Lot Calculation:
- Federal Reserve Chair Jerome Powell Speaks (Tuesday, February 7 at 17:40 GMT).
Markets are awaiting more economic clues from a discussion with Chair Jerome Powell at the Economic Club of Washington D.C. on Tuesday, February 7. Any comments on the recent labor data and the path of inflation will be closely watched.
- US Inflation Data for January (Tuesday, February 14 at 13:30 GMT)
US INFLATION IN DECEMBER FELL TO 6.5% FROM NOVEMBER’S 7.1%. The US Inflation is now down from 9.1% in summer 2022, to December’s 6.5%. Core Inflation came down to 5.7% from previous 6.0%. According to some preliminary estimates including those of Morgan Stanley, the headline inflation (CPI) is expected to show a decrease to 6.2% in January.
- US Federal Reserve Monetary Policy Meeting
The US Federal Reserve raised the rates in February, as expected, by 0.50% points to 4.75%, which is the highest rate since 2007. The Fed is now expected to stop the rate hike cycle, which started early last year, sometime in late Q1 or early Q2 of 2023, which could provide further support to Gold.
- Central Banks Are Buying Gold
Central Banks have bought the biggest amount of Gold in 2022 since 1967. Central Banks’ demand for Gold should continue in 2023, which could provide continues support to the Gold prices.
- Analyst Opinion
BANK OF AMERICA released their 2023 market report expecting Gold prices to go up to $2,000 per ounce. The bank also expects the Fed to start cutting interest rates in December 2023, after pausing with the hikes in Q1 of 2023.
GOLD, February 6, 2023
Current Price: 1865
|
GOLD |
Weekly |
|
Trend direction |
|
|
2070 |
|
|
2000 |
|
|
1930 |
|
|
1810 |
|
|
1775 |
|
|
1750 |
Example of calculation base on weekly trend direction for 1.00 Lot1
|
GOLD |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
20,500 |
13,500 |
6,500 |
-5,500 |
-9,000 |
-11,500 |
|
Profit or loss in €2 |
19,011 |
12,520 |
6,028 |
-5,101 |
-8,346 |
-10,665 |
|
Profit or loss in £2 |
17,000 |
11,195 |
5,390 |
-4,561 |
-7,463 |
-9,536 |
|
Profit or loss in C$2 |
27,483 |
18,098 |
8,714 |
-7,373 |
-12,066 |
-15,417 |
1. 1.00 lot is equivalent of 100 units
2. Calculations for exchange rate used as of 09:00 (GMT) 06/02/2023
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