CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Gold

Special Reports - 10/07/2024

10 July, 2024

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:

GEPOLITICAL TENSIONS:

  • ISRAEL: FEARS OVER AN ALL-OUT WAR WITH HEZBOLLAH RISE HIGH, DECISION TO BE MADE SOON. According to Reuters, Israel could soon make a decision an all-out war with Hezbollah in Lebanon. Hesbollah’s leader Nasrella said last week that militant leaders from Iran, Iraq, Syria, Yemen and other countries had previously offered to send tens of thousands of fighters to help Hezbollah, but he said the group already had more than 100,000 fighters. The tensions in the Middle East could cause high economic uncertainties.

EVENTS:

  • TUESDAY, JULY 10 AT 15:00 GMT+1: FEDERAL RESERVE CHAIR JEROME POWELL WILL BE TESTIFYING BEFORE CONGRESS: Federal Reserve Chair Jerome Powell is set to testify before congress, where he will be answering questions regarding monetary policy, the state of the US eonomy and will likely address the Federal Reserve’s inflation expectations. If Powell reinforces the Fed’s satisfaction with declining inflation, this could catalyze a move higher in gold, as markets could reprice rate cut expectations.
  • THURSDAY, JULY 11 AT 13:30 GMT+1: US CPI DATA FOR JUNE. The United States will be reporting CPI data. The US CPI has been trending lower, well below its 2022 peak of 9.1%. The most recent print showed CPI at 3.3%. Should the CPI come in lower than expected, gold prices could move higher on dovish expectations.
  • THURSDAY, JULY 25 AT 13:30 GMT+1: US GROSS DOMESTIC PRODUCT (GDP) (Q2) (first preliminary data). The US Economy grew by 1.4% in Q1 of 2024, down from Q4 of 2023 of 3.4%. If the trend continues on, the US Fed may decide to cut its benchmark interest rate. This could potentially increase gold prices.
  • WEDNESDAY, JULY 31 AT 19:00 GMT+1: US FEDERAL RESERVE INTEREST RATE DECISION. Federal Reserve Bank will meet on July 31, to set the Fed Funds rate target. According to the most recent estimates, some analysts are expecting the Federal Reserve to hold interest rates at the current level of 5.50%, but chances have been rising for a September cut.

GOLD, July 10, 2024
Current Price: 2370

GOLD

Weekly

Trend direction

UP

Resistance 3

3000

Resistance 2

2600

Resistance 1

2430

Support 1

2310

Support 2

2300

Support 3

2290

Example of calculation base on weekly trend direction for 1.00 Lot1

GOLD

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

63,000.00

23,000.00

6,000.00

-6,000.00

-7,000.00

-8,000.00

Profit or loss in €2

58,212.65

21,252.24

5,544.06

-5,544.06

-6,468.07

-7,392.08

Profit or loss in £2

49,200.68

17,962.15

4,685.78

-4,685.78

-5,466.74

-6,247.71

Profit or loss in C$2

85,891.37

31,357.17

8,180.13

-8,180.13

-9,543.49

-10,906.84

1. 1.00 lot is equivalent of 100 units

2. Calculations for exchange rate used as of 10:30 (GMT+1) 10/07/2024

There is a possibility to use Stop-Loss and Take-Profit.

  • You may wish to consider closing your position in profit, even if it is lower than suggested one.
  • Trailing stop technique could protect the profit.

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