Forex Spread Betting Markets Remain Calm as Pound Regains Losses
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The regular Financial Markets Update from Simon Denham of Financial Spreads.
For today's update >> Financial Markets.
Spread Betting 17 August 2011
As virtually every spread betting market is pretty much exactly where it was yesterday it is tempting to write "read previous comment" before drifting off to the kitchen for a cup of 'hard earned' tea.
Anyway, the FTSE index spread trading market is currently trading at around 5300. If we break below 5280/5290 support is still 5210/25 and a new support can be seen at Tuesday's lows of 5260/65. Resistance is at 5320/25 and 5355/60 and then 5370/75, all the same as yesterday.
For the Dax 30, support held yesterday at 5830/40 and we bounced quite violently from here as the US came in on the buy side. Late action saw markets push to the down side and this morning is weak as well. However, it must be said that if the GDP numbers are to be believed then possibly the German market is one to be slightly wary of for the time being.
The index, as it only has 30 stocks, has been violent in the extreme at the moment. It can turn, bounce or drop massively at a moment's notice and for no good reason that I or anyone else can seem to find.
As mentioned, support is at 5830 and 5800 with resistance still at 6050 and 6100.
The forex spread betting markets are fairly peaceful at the moment, watching everything else rush about, with the Pound regaining some of its ground lost and trading back at $1.6430.
Gold is up again at $1790 and near to the all time highs of last week, $1815.
No matter what the news gold always seems to be the beneficiary at the moment. As mentioned over and over again, the bulls have control no matter what the fundamentals seem to be. Until there is a sea change in sentiment, it is a brave man who stands in the way of the massively overriding momentum.
This is not to say that we have not seen some pretty violent reversals but they have usually been, for the last eight years, in 'buy the dips' territory.
The above comments do not constitute investment advice and neither Financial Spreads nor Clean Financial accept any responsibility for any use that may be made of them.
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'Forex Spread Betting Markets Remain Calm as Pound Regains Losses' edited by SD, updated 17-Aug-11
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