Gold attempted to get above $760 again yesterday but failed to make a mark and this morning we are back at exactly the same price as yesterdays open. We had the tightest trading session for two months. The last tightening range between the 24th and 30th of August was the trigger for the big move higher of recent weeks and if we spend a bit of time around the 755 level then chartists will be anticipating a break in one direction or the other.
Commodities Spread Trading, 23 Oct 07
As feared yesterday Gold ran into a bit of a problem as weak late coming bulls, tempted by talk of $1000 an oz, were driven out of positions as the price dived by, at one point, $20. Oddly enough it fell neatly down to the support level mentioned yesterday at 745 before finding buyers once more and recovering to the mid 750's. Who says you never read anything useful! We are now struggling to get above the 756 resistance level and a failure to clear this point may bring sellers out again. Punters are (as ever) still long but seemingly not so confident as in recent times.
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Commodities Spread Trading, 22 Oct 07
Oddly enough Gold has not taken advantage of all the equity market chaos and dollar weakness to move higher once more. It is tempting to guess that we may be hitting the edge of the envelope at the moment. The move above 750 last week has not had the sort of follow through that many may have expected and the longer we hang around at the current levels the greater the probability of a reaction sell off. This morning sees the price down a few bucks at 761.0-761.6 for the rolling contract and we are seeing some client selling of long positions. As mentioned over the past six months our clients have been religiously long of gold (aside from the odd day or two) but we are seeing a more general closing of positions in the last three or four days. Punters are not particularly bearish (there is little short building going on) but there seems to be a feeling of "let someone else have the next move". There is minor support at 756 and 745 and resistance at 765 and 770 (the high)
Commodities Spread Trading, 19 Oct 07
Gold move strongly higher once more yesterday and this morning with the $770 level being traded at for the first time. Punters are just buying every small dip and are being rewarded on a continual trend higher. As mentioned before on this thread I am not such a gold bug and can find little reason to purchase at these levels other than the reason that everyone appears to want some. The trend and momentum charts are just one way and it would seemingly take a real shift to change the consensus view that precious metals market is the place to be.
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'Commodities Software' by DB, updated 26-Oct-07
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