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Gold Signal - US Federal Reserve - 19 Aug 2016

Signal details
Entry Price: 
1346
Close Price: 
1340
Direction: 
Low
Expiry Time: 
20:00 GMT
Result: 
ITM
How we trade
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In the past couple of days, the XAU/USD has been going through some small changes, up and down, until it found a niche in the 1340 zone. This is happening due to the fact that for some time the US dollar was underperforming, but it stabilized last night owing to the speculations that the Federal reserve could raise the interest rates in September.

Also the $1346 level can be seen as a key one around which a double bottom was formed. The pair tried breaking it on the downside and this move can only lead us to conclusion that the price most probably won’t finish higher than that. With all this in mind we can determine $1346 as a fitting target price, which would lead us to be buying daily puts till the 20:00 GMT expiration.

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.