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Gold Signal - US Rates Higher - 15 Aug 2016

Signal details
Entry Price: 
1340
Close Price: 
1339
Direction: 
Low
Expiry Time: 
20:00 GMT
Result: 
ITM
How we trade
5/5 of 2 ratings

Since Friday there is a not a big but noticeable drop in the price of the price of gold. It went down to $1334 from the $1339 level. The fundamentals underpinning the move were associated with the rise in US rates on Friday with stocks closing at all-time highs. This is the reason why investors have chosen to sell gold and go back to the USD.

The most suitable target price for today is $1340. The level is appropriate not only because it’s close to the price from which gold started losing its value, but because last week the price of the precious metal pivoted around it a couple of times.

A lot of interest is concentrated at this level and selling will bring prices lower than the target. We will be buying daily puts on the price of $1340 for 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.