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 |
|
3000 |
|
2700 |
|
2500 |
|
2380 |
|
2360 |
|
2340 |
Example of calculation base on weekly trend direction for 1.00 Lot1
Pivot Points |
||||||
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.