This set up is the extension of the previous analysis, issued on Aug 29
Gold price falling from $1352-1313, due to after G20, no more QE released by center banks, and FED warning will rate hike twice in 2016.
After reaching $1313 on Aug 13, it rebounced towards 1323-1325 resistant.
If cannot break out 1323-1325, it's possible to fall to 1308-1305, our 2nd target. It'll be the final drop then, so it's good to pocket profits from 1320-1310, higher risk to short here.
$1301-1308 will be my 1st buying area.
Futher actions will be updated in chart.
***Risk Events***
1) Sep.15 BOE and SNB rate decision, market expected won't change. --- Possitive to GBP
2) Sep.21 BOJ rate decision, BOJ committed to consider further cut interest rates,at once the expension of asset purchases is on the verge of limit. --- Nagetive to JPY
3) Sep.22 FED rate decision, FED strongly wish to rate hike, but the economic data don't support. They will continue to express their willing of rate hike to the market, however,the reality will be Nagetive to USD.
!!! Warning:
The above comments are personal analysis only! Pls make sure that you've been awared of the potential risks of loss in advanced, if you want to follow the trade plan.
Gold price falling from $1352-1313, due to after G20, no more QE released by center banks, and FED warning will rate hike twice in 2016.
After reaching $1313 on Aug 13, it rebounced towards 1323-1325 resistant.
If cannot break out 1323-1325, it's possible to fall to 1308-1305, our 2nd target. It'll be the final drop then, so it's good to pocket profits from 1320-1310, higher risk to short here.
$1301-1308 will be my 1st buying area.
Futher actions will be updated in chart.
***Risk Events***
1) Sep.15 BOE and SNB rate decision, market expected won't change. --- Possitive to GBP
2) Sep.21 BOJ rate decision, BOJ committed to consider further cut interest rates,at once the expension of asset purchases is on the verge of limit. --- Nagetive to JPY
3) Sep.22 FED rate decision, FED strongly wish to rate hike, but the economic data don't support. They will continue to express their willing of rate hike to the market, however,the reality will be Nagetive to USD.
!!! Warning:
The above comments are personal analysis only! Pls make sure that you've been awared of the potential risks of loss in advanced, if you want to follow the trade plan.
Comment:
Take care, SNB possible will cut interest rates in Sep 15
Comment:
Retracement done at 1308 after BOJ rate decision. Gold price was up and reached the first target 1330-1332
Before FOMC there's a retracement at 1315-1318, or even deeper at 1308-1309, since if it didn't touched 1338-1340 before the meeting. If no rate hike, price in $15 is okay, if rate hike, will retrace deeper. we'd judge by the price action at time, it might be too late to trade after the news out, and too dangerous to trade only according to the provided rate without seeing the actions.
Before FOMC there's a retracement at 1315-1318, or even deeper at 1308-1309, since if it didn't touched 1338-1340 before the meeting. If no rate hike, price in $15 is okay, if rate hike, will retrace deeper. we'd judge by the price action at time, it might be too late to trade after the news out, and too dangerous to trade only according to the provided rate without seeing the actions.
Comment:
Remember these candle
s3.amazonaws.com/tra...shots/j/JuXfqq5b.png
s3.amazonaws.com/tra...shots/j/JuXfqq5b.png
Trade closed: target reached:
Target reached and the expiry date for this stratage is today, so i desided to close it.
Why I set today as the expiru date? We've seen the respounse of markets in different time zone for FOMC meeting. There's no rate hike, so the news effection is in short term. Market has made the choice on Sep 21, after BOJ meeting.
Why I set today as the expiru date? We've seen the respounse of markets in different time zone for FOMC meeting. There's no rate hike, so the news effection is in short term. Market has made the choice on Sep 21, after BOJ meeting.
Trade closed: target reached
