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A regular Gold spread trading update by Simon Denham of Capital Spreads. For the latest gold spread trading update, click here.
Spread Trading, 29 Feb 08
Gold hit a new high (yawn) as did Oil, Coffee, Silver etc etc etc...the hunt for secure delivery seems to be hotting up. At some point the elastic band will probably hit a critical point and the whole edifice will snap back but trying to call the top is a mugs game. So unless you are long already, sitting on the sidelines would seem like a sensible thing to do.
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Spread Trading, 28 Feb 08
The commodities markets have paused for breathe this morning (as the dollar regains some composure) but the pressure is still there and it remains a brave trader who bets on any significant fall back in prices. Gold had a few attempts at falling below $952 yesterday, all of which failed, so short term punters may be watching to see if we break below here.
Spread Trading, 27 Feb 08
Gold started yesterday on the soft side falling to $926 before the dollar impact started to be felt. The Gold spread is now $957.0 - 957.5 (a new all time high). In reality, the recent fall in the dollar means that from a basket currency basis, it is little changed over the past week.
The Capital Spreads clients have stuck to their long commodity positions and are being heavily rewarded. The bulls are in control across the board and it would not be a wise man who stands in the way of the train.
Gold Spread Betting, 26 Feb 08
The Gold market is experiencing a bit of profit taking as it rejects the $950 level. With clients still long of the precious metal it's unlikely to be long before they'll be buying more of the yellow stuff as that's what they've been doing every time the price dips. With $70 to go before the $1,000 mark, it's only a mere 7.5% away from what looks like destiny.
Financial Spreads » "With FinancialSpreads.com you get all the normal
advantages of Spread Betting plus..." » read Financial Spreads review.
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Gold Spread Betting, 25 Feb 08
Gold is being squeezed higher again in Far East action as shorts begin to get squeezed once more. The dollar weakness in the fag end of last week came as something of a blow to the precious metal short sellers. The Capital Spreads account holders have yet again made the right moves by remaining long of the gold market. $950 beckons and $1,000 is still the target for many.
Gold Spread Betting, 22 Feb 08
The Gold and Platinum markets squeezed again and the yellow metal has finally hit $950. $1,000 must be in its sights now and the magnetism of the number may well be enough, on its own, to pull us up.
Gold Spread Betting, 21 Feb 08
I mentioned that the commodities markets went Bananas on Tuesday. Yesterday they went one better. Gold managed to fall $20 by the US opening only for the Yanks to reverse the whole move, and more, pushing us up $35 to the current (new highs). The gold spread is now at $945.0 - 945.5.
Gold Spread Betting, 20 Feb 08
As discussed in today's "High Commodities Prices" Feature, the Commodities went for broke yesterday. Gold went for the resistance levels of $915 and $926 mentioned yesterday and defeated them. The $926 level now turns into support and we are sitting bang on it in early trade with the gold spread at $926.5 - $927.0. To be honest I could go through virtually every commodity and say ‘new highs’ ‘broke resistance’, ‘continued strength’ etc. etc. The markets remain very, very volatile and are not a place for the faint hearted.
Gold Spread Betting, 19 Feb 08
Gold has bounced from $900 mark as the dollar weakens slightly overnight and the Financial Spreads clients are back on the buying side once more. Resistance remains at $915 and $926 but current activity seems very two-way. Without some poor news elsewhere dealers are likely to try to trade the ranges.
Financial Spreads » "With FinancialSpreads.com you get all the normal
advantages of Spread Betting plus..." » read Financial Spreads review.
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Gold Spread Betting, 18 Feb 08
Gold remains supported at $885, $895 and $900 and resisted at $915, $925 and $935. Early action this morning took us up to around the $906 level but selling in Europe has now pushed us back to the closing levels of Friday with the gold spread betting markets at $902.5 - $903.0. With the dollar remaining reasonably solid the pressure for the next move higher will have to come from some other sector at the moment.
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