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Gold Signal - 1330 Support - 09 Aug 2016

Signal details
Entry Price: 
1330
Close Price: 
1340
Direction: 
High
Expiry Time: 
20:00 GMT
Result: 
ITM
How we trade
5/5 of 1 ratings

In the past few days, especially after the NFP report that was published last Friday, the price of gold has marked a substantial price drop. Since the news release the price dropped from $1360 to $1332. The transition that currently is taking place in the $1330 area, could be a trigger for a trade since the precious metal has seen great deal of support during the end of July here.

We expect the same factors to provide sufficient impetus in order to raise the prices again. This leads to us presuming that the target price is appropriate at $1330 because it will attract a lot of buyers’ interest which would increase gold prices. In other words, we will be buying calls at the price of $1330 for the 20:00 GMT expiration later tonight.

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.