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Gold Signal - NFP report - 08 Aug 2016

Signal details
Entry Price: 
1336
Close Price: 
1335
Direction: 
Low
Expiry Time: 
20:00 GMT
Result: 
ITM
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In the past couple of days after the release of the NFP report that came out on Friday, the value of gold has been slowly dropping until it hit rock-bottom several hours ago at the $1330 level. The reason for this decline is that the more jobs that are added (Us added 255, 000 jobs in July) the stronger the US economy becomes, thus interest rates are likely to become higher which means that is safer for traders to sell their gold.

Today in Asia gold prices have reached $1338, and have subsequently pulled back only to become buoyant once more and trade at $1334 as of writing. We are looking for the price to rise to some extent during the remainder of the US session, maybe to $1336. We would be looking to buy daily puts as it is unlikely to maintain the session high level for a long period of time.

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.