Gold weekly special report based On 1.00 Lot Calculation:
- EVENT: (United States Unemployment Data, June 2nd, 2023): The United States will post its Non-Farm Payroll Changes for May and its updated Unemployment Rate.
- EVENT: (United States Inflation Data, June 13th, 2023): The United States will report its CPI and Core CPI figures for May. April’s CPI came in at 4.9%, Year-over-Year, well below its peak of 9.1% peak several months ago.
- EVENT: (FOMC Meeting, June 14th, 2023): The FOMC of the U.S. Federal Reserve Bank will meet on June 14th to set the Fed Funds rate target. The FOMC is influenced by both the strength of the labor market and the level of inflation. The Fed Funds rate has a big impact on the price of Gold and other assets.
- EVENT: (U.S. Debt Ceiling Negotiations, Current): The United States has already reached its statutory debt ceiling. The Treasury Department has been taking extraordinary measures to keep all government services funded and to continue to make all interest payments in a timely fashion. Republicans have passed a debt ceiling increase bill in the House, but it includes spending limits that are untenable to Democrats. President Biden and Speaker McCarthy have recently begun talks, but the U.S. Government is expected to run out of cash in early June without action. At the time of this writing, there are reports that a deal is imminent.
- ANALYSIS: Gold remains a safe haven asset in times of uncertainty, and concerns about the global banking system could drive more investors towards Gold.
- ANALYSTS OPINION: Citigroup set $2,300 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, May 26th, 2023
Current Price: 1,950.00
|
Gold |
Weekly |
|
Trend direction |
|
|
2,100.00 |
|
|
2,050.00 |
|
|
2,000.00 |
|
|
1,910.00 |
|
|
1,870.00 |
|
|
1,830.00 |
Example of calculation base on weekly trend direction for 1.00 Lot1
|
Gold |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
15,000.00 |
10,000.00 |
5,000.00 |
-4,000.00 |
-8,000.00 |
-12,000.00 |
|
Profit or loss in €2 |
13,973.64 |
9,315.76 |
4,657.88 |
-3,726.30 |
-7,452.61 |
-11,178.91 |
|
Profit or loss in £2 |
12,134.25 |
8,089.50 |
4,044.75 |
-3,235.80 |
-6,471.60 |
-9,707.40 |
|
Profit or loss in C$2 |
20,422.65 |
13,615.10 |
6,807.55 |
-5,446.04 |
-10,892.08 |
-16,338.12 |
1. 1.00 lot is equivalent of 100 units
2. Calculations for exchange rate used as of 09:51 (GMT+1) 26/05/2023
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.