CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% 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. 73.43% 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.

Gold

Special Reports - 01/08/2024

01 August, 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:

GEOPOLITICS:

  • IRAN’S SUPREME LEADER (AYATOLLAH ALI KHAMENEI) ORDERED ATTACK ON ISRAEL (SOURCE: NEW YORK TIMES). Iran’s supreme leader, Ayatollah Ali Khamenei, has issued an order for Iran to strike Israel directly, in retaliation for the killing in Tehran of Hamas’s leader, Ismail Haniyeh. Mr. Khamenei gave the order at an emergency meeting of Iran’s Supreme National Security Council on Wednesday morning, shortly after Iran announced that Mr. Haniyeh had been killed, said the three Iranian officials, including two members of the Revolutionary Guards.

EVENTS:

  • THURSDAY, AUGUST 1 AT 13:30 GMT+1: US INITIAL JOBLESS CLAIMS: The US will report its weekly initial jobless claims. Jobless claims have been rising, indicating a slowing job market. This could cause a dovish shift in the Federal Reserve’s interest rate stance and may increase gold prices.
  • FRIDAY, AUGUST 2 AT 13:30 GMT+1: US NONFARM PAYROLLS (NFP) AND UNEMPLOYMENT RATE. The US unemployment rate has recently gone up to its highest since December 2021 (4.1%). If unemployment remains as high, the Fed may have to start cutting rates sooner then later using maybe more aggressive approach. In this case, the US dollar could be expected to weaken in value.

ANALYST OPINION:

  • Citigroup targets $3,000; Bank of America targets $3,000; Goldmans Sachs targets $2,700; JPMorgan targets $2,600; Morgan Stanley targets $2,650.

GOLD, August 1, 2024
Current Price: 2440

GOLD

Weekly

Trend direction

UP

Resistance 3

3000

Resistance 2

2700

Resistance 1

2500

Support 1

2380

Support 2

2360

Support 3

2340

Example of calculation base on weekly trend direction for 1.00 Lot1

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

56,000

26,000

6,000

-6,000

-8,000

-10,000

Profit or loss in €2

51,834

24,066

5,554

-5,554

-7,405

-9,256

Profit or loss in £2

43,768

20,321

4,689

-4,689

-6,253

-7,816

Profit or loss in C$2

77,393

35,932

8,292

-8,292

-11,056

-13,820

1. 1.00 lot is equivalent of 100 units

2. Calculations for exchange rate used as of 08:50 (GMT+1) 01/08/2024

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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