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Gold Put Signal 30 Nov 2015

Signal details
Entry Price: 
1065
Close Price: 
1064
Expiry Time: 
21:00 GMT
Result: 
ITM
How we trade
5/5 of 3 ratings

Gold prices have moved materially higher in today's trading starting from late Europe and moving into the early New York session. While the moves on the currency markets have been of dollar strength, the gold market has taken a tone of its own, primarily affected by the expectations of some changes to the IMF basket of currencies.

The Chinese yuan is expected to be added to the portfolio of currencies that are driving the Special Drawing Rights currency that the IMF is using to measure value. The gold price is anticipating a higher value for the yuan and hence the U.S. dollar is under pressure against precious metals tonight. We still would be buying daily puts at $1065.

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.