NEWS: Gold price is falling -0.6% after the dollar rebounded on robust US economic data, although bets for Federal Reserve interest rate cuts remained intact.
Possible Scenarios:
If Gold fails to breach through S1 of 2408.43, our Research Department expects the Gold to undergo a short- term upward correction.
If Gold manages to break below its S1 of 2408.43, our Research Department expects the Gold to extend its losses to its S2 of 2397.5
Support and Resistance Levels:
Gold |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
2386.57 |
2397.50 |
2408.43 |
2423.00 |
2437.57 |
2448.50 |
2459.43 |
Potential Profit or Potential Loss Calculations:
1 dollar per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
(+/-) $100 |
(+/-) €91.87 |
(+/-) £77.37 |
*1 trading lot is equivalent of 100 units
**EUR/USD= 1.08847
***GBP/USD= 1.29255
Calculations for exchange rate used as of Friday, July 19, 2024, 10:10: AM