GOLD weekly uptrend opportunity based On 1.00 Lot Calculation:
- EVENT: Federal Reserve Monetary Policy Meeting (Wednesday, March 17 at 18:00 GMT). Fed Chair Jerome Powel will speak at 18:30 GMT. The Fed policymakers are expected to confirm that the Fed will keep interest rates unchanged close to 0.00% until the end of 2023. They are also expected to confirm that they will continue to purchase 120 billion dollars of bonds per month in 2021 (equivalent to 1.44 trillion dollars per year). They are also expected to signal readiness to act in case rising long- term yields pose threat to the markets. The event may help the Gold prices.
- US FISCAL STIMULUS: The US Senate passed the $1.9 Stimulus Bill on March 6. The slightly revised bill is now headed back to the US House, which is expected to pass the bill on March 9-10 (Tuesday or Wednesday). US President Joseph Biden is expected to sign the bill later in the week March 8- 12.
- MORE THAN 3 TRILLION DOLLARS TO BE INJECTED INTO THE U.S. ECONOMY IN 2021, INFLATION MAY RISE: Increased money supply in the U.S. is expected to increase upward pressure on inflation, which could grow hot later this year. Therefore, the US Dollar’s purchasing power could fall, while investors could be expected to seek protection with the safe- haven Gold. To this end, the markets could still expect the Gold prices to recover.
GOLD, March 9, 2021
Current Price: 1695
|
GOLD |
Weekly |
|
Trend direction |
|
|
1870 |
|
|
1800 |
|
|
1760 |
|
|
1630 |
|
|
1615 |
|
|
1600 |
Example of calculation base on weekly trend direction for 1.00 Lot*
|
GOLD |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
17,500.00 |
10,500.00 |
6,500.00 |
-6,500.00 |
-8,000.00 |
-9,500.00 |
|
Profit or loss in €** |
14,700.27 |
8,820.16 |
5,460.10 |
-5,460.10 |
-6,720.13 |
-7,980.15 |
|
Profit or loss in £** |
12,597.09 |
7,558.25 |
4,678.92 |
-4,678.92 |
-5,758.67 |
-6,838.42 |
|
Profit or loss in C$** |
22,065.75 |
13,239.45 |
8,195.85 |
-8,195.85 |
-10,087.20 |
-11,978.55 |
* 1.00 lot is equivalent of 100 units
** Calculations for exchange rate used as of 10:00 a.m. (GMT) 09/03/2021
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Client Manager for more details