Gold weekly special report based On 1.00 Lot Calculation:
- EVENT: U.S. Federal Reserve Meeting and Interest Rate Decision (March 22nd, 2023, 18:00 GMT) - The Federal Open Market Committee will complete their 2-day meeting on March 22nd and may 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 59.4% chance of no change in interest rates and a 40.6% chance of a 25 basis point hike.
- NEWS: Banking Crisis: In early March, the United States saw its second and third largest bank failures in its history with the collapse of Silicon Valley Bank in California, and Signature Bank in New York. WIth the help of the U.S. Federal Government depositors at both banks were made whole. On March 19th, 2023, it was announced that Switzerland’s second largest bank, Credit Suisse, would be taken over by UBS for a significant discount. Regulators were worried that Credit Suisse was on the precipice of collapse if a sale was not consummated.
- ANALYSIS: Gold remains a safe haven asset in times of uncertainty, and concerns about the global banking system are driving more investors towards Gold.
- 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, March 20th, 2023
Current Price:1,980.00
Gold |
Weekly |
Trend direction |
|
2,300.00 |
|
2,180.00 |
|
2,050.00 |
|
1,920.00 |
|
1,830.00 |
|
1,730.00 |
Example of calculation base on weekly trend direction for 1.00 Lot1
Pivot Points |
||||||
Profit or loss in $ |
32,000.00 |
20,000.00 |
7,000.00 |
-6,000.00 |
-15,000.00 |
-25,000.00 |
Profit or loss in €2 |
30,046.95 |
18,779.34 |
6,572.77 |
-5,633.80 |
-14,084.51 |
-23,474.18 |
Profit or loss in £2 |
26,240.26 |
16,400.16 |
5,740.06 |
-4,920.05 |
-12,300.12 |
-20,500.21 |
Profit or loss in C$2 |
43,904.00 |
27,440.00 |
9,604.00 |
-8,232.00 |
-20,580.00 |
-34,300.00 |
1. 1.00 lot is equivalent of 100 units
2. Calculations for exchange rate used as of 08:47 (GMT) 20/03/2023
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.