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August 9, 2016

Trading signals 09.08.2016

Trading signals 09.08.2016

Hi Traders,

Today we have no imporant market moving events except some data on pound. UK Statistics Bureau will release figures on industrial, manufacturing production and Trade Balance for June, which, though, came prior to UK referendum (Brexit) so probably will have little impact on prices.

GBP/USD slammed 1.30 support level during Asian without any visible struggle. Such move can be a trap for bears, though in the light of recent aggressive monetary easing of Bank of England the drop on pound appears to be logically correct. 1.30 mark became a cliff of the mountain and there can be several attempts to emerge above 1.30 though those attempts will be probably curbed.

Signal for today: Sell GBP/USD from 1.30.

Target 1.2950-1.2930. Preffered lot size – 0.3 lot. SL – 1.3030

Gold

As we mentioned yesterday gold decline will deepen with corrections as market forces push it to the monthly bottoms. Positive US jobs data and incentives from Bank of England sideline short-term risks allowing traders to boost wagers on risk assets. China CPI for July released today was in line with forecasts (growth 1.8%) damping worries about Chinese economy. Producer price index slowed decline to -1.7% vs. -1.8% estimated.

It is also important to pay attention for Chinese data tomorrow when National Bureau of Stastistics will release important macroeconomic gauges, such as Aggregate Financing and New Loans. Chinese government continues to fuel economy pumping it with cash what basically shifts solution of underlying economic problems to future. Increased amount of New Loans can boost gold prices.

Signal for Gold Today: Sell

Preffered lot size 0.1 lot. Target $1.325, SL – $1.340

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