NEWS: Gold price price increased 0.2 % as the dollar fell after the Federal Reserve yesterday cut interest rates from 5.5% to 5%.
Possible Scenarios:
if Gold fails to breach through R1 of 2585.75, our Research Department expects the Gold to undergo a short- term downward correction.
If Gold manages to break above its R1 of 2585.75, our Research Department expects the Gold to extend its gains to its R2 of 2596.10.
Support and Resistance Levels:
Gold |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
2537.42 |
2547.78 |
2558.13 |
2571.94 |
2585.75 |
2596.10 |
2606.46 |
Potential Profit or Potential Loss Calculations:
1 dollar per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
(+/-) $100 |
(+/-) €89.69 |
(+/-) £75.48 |
*1 trading lot is equivalent of 100 units
**EUR/USD= 1.11492
***GBP/USD= 1.32482
Calculations for exchange rate used as of Thursday, September 19, 2024, 09:15: AM GMT+1