NEWS: Gold is dropping 1.54%, approaching the mark of $2,400 as the US Dollar remained strong ahead of the US trading session.
Possible Scenarios:
If Gold fails to break below Support 1 of 2399.4, our Research Department expects Gold to undergo a short- term upward correction.
If Gold manages to break below Support 1 of 2399.4, our Research Department expects Gold to extend its losses to its Support 2 of 2388.5.
Support and Resistance Levels:
GOLD |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
2377.6 |
2388.5 |
2399.4 |
2414.0 |
2428.6 |
2439.5 |
2450.4 |
Potential Profit or Potential Loss Calculations:
1 dollar per 1 trading lot* |
USD |
EUR** |
GBP*** |
(+/-)100$ |
(+/-)91.84€ |
(+/-)77.41£ |
* 1 trading lot is equivalent of 100 units
** EUR/USD = 1.08876
***GBP/USD= 1.29174
Calculations for exchange rate used as of 13:42 (GMT+1) 19/07/2024