GOLD weekly special report based on 1.00 Lot Calculation:
GEPOLITICAL TENSIONS:
- ISRAEL: FEARS OVER AN ALL-OUT WAR WITH HEZBOLLAH RISE HIGH, DECISION TO BE MADE SOON. According to Reuters, Israel could soon make a decision an all-out war with Hezbollah in Lebanon. Hesbollah’s leader Nasrella said last week that militant leaders from Iran, Iraq, Syria, Yemen and other countries had previously offered to send tens of thousands of fighters to help Hezbollah, but he said the group already had more than 100,000 fighters. The tensions in the Middle East could cause high economic uncertainties.
- US PRESIDENTIAL ELECTIONS: FIRST DEBATE TRUMP VS. BIDEN ON FRIDAY (JUNE 28 AT 02:00 GMT+1). According to CNN, it begins a new phase of the presidential race, less than five months out from Nov. 5, Election Day, as the matchup remains extremely tight. Biden and Trump will take part in Thursday’s debate on CNN and then a second on September 10 hosted by ABC News.
EVENTS:
- THURSDAY, JUNE 27 AT 13:30 GMT+1: US GDP (Q1) (third and last reading). The US economy grew by 1.3% in Q1 of 2024, the second reading showed last month, down from 3.4% in Q4 of 2023. If the third reading shows even lower reading than 1.3%, then Gold might come under upward pressure.
- FRIDAY, JUNE 28 AT 13:30 GMT+1: US PERSONAL CONSUMPTION EXPENDITURE (PCE) (MAY). The PCE data is the US Fed preferred inflation data, when it comes to interest rate decision making. If this data shows a further decline for May, then Gold might come under upward pressure.
TECHNICAL VIEWS:
- STRONG SUPPORT AT $2,300 SINCE EARLY APRIL 2024. After testing the mark of $2300, Gold would tend to rise back above $2,350 since the pattern came into exisctance in early April 2024.
- LEVEL OF $2,300 HAS BEEN TESTED THREE TIMES SINCE EARLY APRIL. This is the fourth time that Gold is testing the mark of $2300 since early April 2024.
GRAPH (Daily): Gold Price April 2024 – June 2024
Please note that past performance does not guarantee future results.
GOLD, June 26, 2024
Current Price: 2294
|
GOLD |
Weekly |
|
Trend direction |
|
|
3000 |
|
|
2600 |
|
|
2350 |
|
|
2240 |
|
|
2220 |
|
|
2200 |
Example of calculation base on weekly trend direction for 1.00 Lot1
|
GOLD |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
70,600 |
30,600 |
5,600 |
-5,400 |
-7,400 |
-9,400 |
|
Profit or loss in €2 |
66,066 |
28,635 |
5,240 |
-5,053 |
-6,925 |
-8,796 |
|
Profit or loss in £2 |
55,729 |
24,155 |
4,420 |
-4,263 |
-5,841 |
-7,420 |
|
Profit or loss in C$2 |
96,472 |
41,814 |
7,652 |
-7,379 |
-10,112 |
-12,845 |
1. 1.00 lot is equivalent of 100 units
2. Calculations for exchange rate used as of 15:20 (GMT+1) 26/06/2024
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account ManagerClient 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 Senior Account ManagerClient Manager for more detail