CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% 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. 70.91% 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 all your money. Read full risk warning.
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Gold

Special Reports - 07/08/2023

07 August, 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 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 Inflation Data, August 10th, 2023, GMT+1 13:30): The United States will report its CPI and Core CPI figures for July. June’s CPI came in at 3.0%, Year-over-Year, well below its peak of 9.1% peak in 2022. The current market expectation for CPI is 3.3%. While inflation is expected to come in slightly higher, the strong downward trend of inflation is still a positive for gold, which could weaken the US dollar further.
  • FEDERAL RESERVE EXPECTED TO STOP INTEREST RATE HIKING CYCLE: According to the recent Federal Reserve Press Conference, Federal Reserve Chair Jerome Powell highlighted that the Federal Reserve could stop raising interest rates at the next September meeting, which could continue to push gold prices higher due to US dollar weakness.
  • ANALYSIS: Gold remains a safe haven instrument in times of uncertainty, and concerns about the global economy 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 $2078.17 in early 2023.

GOLD, August 7th, 2023
Current Price: 1935

GOLD

Weekly

Trend direction

UP

Resistance 3

2070.00

Resistance 2

2010.00

Resistance 1

1965.00

Support 1

1905.00

Support 2

1890.00

Support 3

1850.00

Example of calculation based on weekly trend direction for 1.00 Lot

Gold

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

13,500.00

6,500.00

3,000.00

-3,000.00

-4,500.00

-8,500.00

Profit or loss in €2

12,300.46

5,922.44

2,733.44

-2,733.44

-4,100.15

-7,744.73

Profit or loss in £2

10,603.29

5,105.29

2,356.29

-2,356.29

-3,534.43

-6,676.14

Profit or loss in C$2

18,065.50

8,698.20

4,014.56

-4,014.56

-6,021.83

-11,374.57

1. 1.00 lot is equivalent of 100 units
2. Calculations for exchange rate used as of 10:30 (GMT+1) 07/08/2023
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your

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
    for more details.
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Risk Warning and Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% 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. Be Aware: You can lose all, but not more than the balance of your Trading Account. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice. This material does not constitute an offer of, or solicitation for, a transaction in any financial instrument. Fortrade accepts no responsibility for any use that may be made of the information and for any consequences that result. 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. See full risk warning

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Risk Warning and Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.91% 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. Fortrade Cyprus Ltd is regulated and supervised by the Cyprus Securities and Exchange Commission (CySEC) with CIF license number 385/20. CFD products may not be suitable for all clients, therefore ensure, that you understand the risks involved and seek independent advice. This material does not constitute an offer of, or solicitation for, a transaction in any financial instrument. Fortrade accepts no responsibility for any use that may be made of the information and for any consequences that result. 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.

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