07:45am   Last day of trading for me until next Wednesday, I’m away early tomorrow morning for a short break abroad. Any trades I have today will be reported below.

Market Update:

U.S. markets closed down last night on low volumes and lack of enthusiasm to get in to any new positions ahead of a key note speech by Fed Chief Janet Yellen tomorrow at the 3-day Jackson Hole Symposium which starts today. The Economic Symposium in Wyoming USA is a meeting of finance ministers, central bankers,  various academics, and traders/investors from around the globe and although all meetings are closed to the press there are briefings throughout the day and markets are expected to react to any changes in economic and government policies  announced there.

Overnight, the lack of buying in the U.S. during Wednesday affected the Asian market and indices largely ended down except for the Hang Seng which was slightly up a few minutes ago. The European session this morning is mainly down as well as traders adjust their positions ahead of tomorrow’s speech by Janet Yellen. Surprisingly, gold is not benefiting from the uncertainty in equity markets, it fell $13.91 during yesterday’s session and is now sitting on its 50-day moving average although we could see a small move up today /tomorrow as the chart has been oversold for three consecutive days.

Trading Diary:

09:10am    Nothing to see on my collection of favourite charts so I am off for a cycle ride towards Halesworth for an hour or so.

13:00pm  There has not been any opportunities in the past few hours since I’ve been back home but if the price on my Gold 15min chart falls below $1322.90 it will trigger a trendFX strategy-3 trade.

13:10pm  The Gold price has now moved down quite quickly and the trade has been triggered. My stop loss is 25 pips.

13:35pm  As the U.S. trading session is starting up the Gold price has become more volatile so I am now out of my position, it has ended at +44 pips. That’s it for my chart watching for today and the week, I will be back here in front of my screens on Wednesday 31st.