Profits are likely to change from being huge to being enormous
Existing position:
Asset: XAUUSD ( GOLD )
Buy Entry Price:1585
Take Profit: 1710
Stop Loss:1650(in order to secure our profit we have moved our Trailing stop to $1650)
Capital risk:$2000(4%) (Update-This is a risk-free trade now if Trailing stop will reach, our net gain will be $6563)
Potential Gain:$10000
Risk/Reward: 1:5
As we are publishing this short report Gold is trading at $1681 per ounce however the white metal is hovering around 17.30.The precious metal sector has risen significantly due to The Fed's Emergency Rate Cut on Tuesday trimming the federal funds rate by 0.50 percent to a range of 1-1.25 percent. The Fed is trying to stay ahead of disruptions and economic slowdown caused by the rapidly spreading coronavirus. Due to a reduction in the interest rate we are witnessing immense pressure on the U.S. Treasury 10-year yields, US major stock indices and on the DXY hence supporting the safe-haven bid. We believe current conditions have created a perfect environment that could boost safe heaven buying significantly. It seems Traders and investors are in a full panic mode as they are realizing the impact of cover-19 on the global economy could be much more severe than they previously thought to be. we still believe analysts are underestimating the devastating effect COVID 19 could bring to the world economy as a whole. The increasing number of cases of the coronavirus within china and in other countries is seriously alarming.
The Fed's Emergency Rate Cut, rapidly growing cases of COVID 19, Continuous falling of U.S bond yield and DXY, Rising tension in U.S.-China trade talks, Significant drop in U.S major stock indices along with other major countries indices, Fear of slow Global economic growth all are supporting the safe-haven buying at the moment. The yellow metal has made a double-top around the $1,691 area however we don't see gold stopping here. After breaking above gold could test $1740-$1750 zone however in order to secure our profit we have moved our stop loss to $1650.
Asset: XAUUSD ( GOLD )
Buy Entry Price:1585
Take Profit: 1710
Stop Loss:1650(in order to secure our profit we have moved our Trailing stop to $1650)
Capital risk:$2000(4%) (Update-This is a risk-free trade now if Trailing stop will reach, our net gain will be $6563)
Potential Gain:$10000
Risk/Reward: 1:5
As we are publishing this short report Gold is trading at $1681 per ounce however the white metal is hovering around 17.30.The precious metal sector has risen significantly due to The Fed's Emergency Rate Cut on Tuesday trimming the federal funds rate by 0.50 percent to a range of 1-1.25 percent. The Fed is trying to stay ahead of disruptions and economic slowdown caused by the rapidly spreading coronavirus. Due to a reduction in the interest rate we are witnessing immense pressure on the U.S. Treasury 10-year yields, US major stock indices and on the DXY hence supporting the safe-haven bid. We believe current conditions have created a perfect environment that could boost safe heaven buying significantly. It seems Traders and investors are in a full panic mode as they are realizing the impact of cover-19 on the global economy could be much more severe than they previously thought to be. we still believe analysts are underestimating the devastating effect COVID 19 could bring to the world economy as a whole. The increasing number of cases of the coronavirus within china and in other countries is seriously alarming.
The Fed's Emergency Rate Cut, rapidly growing cases of COVID 19, Continuous falling of U.S bond yield and DXY, Rising tension in U.S.-China trade talks, Significant drop in U.S major stock indices along with other major countries indices, Fear of slow Global economic growth all are supporting the safe-haven buying at the moment. The yellow metal has made a double-top around the $1,691 area however we don't see gold stopping here. After breaking above gold could test $1740-$1750 zone however in order to secure our profit we have moved our stop loss to $1650.
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