So far gold is trading lower as investors are reluctant to stick their necks out ahead of today's data. Dips continue to attract clients into further long positions. Gold has been remarkably volatile and while there's been a halt to the ever increasing price, a support areas seem to be in place around $790.
Gold Spread Trading, 5 Dec 07
Gold bounced back above $800 and our clients are quite happy. As mentioned yesterday Capital Spreads clients were buying heavily. Their confidence was borne out by the return above the bull trend line at $795 mentioned yesterday. Which then turned into a support level for the rest of the trading session.
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Gold Spread Trading, 4 Dec 07
Gold rallied a few bucks yesterday but could not manage to break back above the medium term bullish trend line which was broken on Friday. Resistance today is at $795.5 but our clients are still buying strongly on any weakness. The mid $770's seem to have very strong support but we expect that, unless the dollar moves dramatically, today’s trading will be between these levels.
Gold Spread Trading, 3 Dec 07
Gold is bouncing from Fridays sell off as the dollar weakens. However, as mentioned on Friday, the support at $791 defined the days trading and is now likely to act as resistance. If we fail to close above this mark we may have some tough times ahead. Support is at Fridays lows down at $780.0 and more importantly at $774.0. Having said that, it looks like Financial Spreads punters are still confident and are buying into the weakness.
Gold Spread Betting Comment, 30 Nov 07
Gold slipped below $800 once more as we show further evidence that buyers above this level are getting just a little cautious. Punters remain very long with us but with the failure to make a new high a few days ago and the swift sell off since will be worrying bulls. A close below $792 will break the short/medium term bull trend and may bring more sellers out of the wood work. With the gold spread currently at $794.3-$794.8 we are not far away.
Gold Spread Betting Comment, 28 Nov 07
With the Dollar moving higher, oh what a surprise, down comes Gold. This time punters have been caught out as the temptation to buy on any slip has been too much for many. We saw heavy bet buying yesterday morning at between $816 and $822 after the quick fall from the $837 level. As mentioned in yesterdays comment the technical analysts would have been looking at the candlestick formation as a possible sell indication and on this occasion the premise has panned out. The gold spread is now $794.2 - $794.7 down some 20 bucks. A close below $780 would put the cat amongst the pigeons as it might indicate a double top. But there is a good chance of a bounce from the support level at $789.0
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Gold Spread Betting Comment, 27 Nov 07
Gold had an odd trading day yesterday rallying up to $837 before coming back down to close almost unchanged which is where we open today. The charts are now showing three spike failures to the upside which will be giving some worries to punters and the formation on the candlesticks (as mentioned a couple of weeks ago) may bring the technical sellers out to play. That said, any sell off will be fighting against the continued bull run and it would take quite a change in perception for the bears to gain control.
Gold Spread Betting Comment, 26 Nov 07
It’s not just the equities market that’s found buyers this morning, Gold is up $25, (up 3%) following on from a big rally in the Asian session.
Gold's rally overnight has been fuelled by the speculators trying to tip Crude Oil over $100 a barrel as the dollar continues to remain out of favour. With just over a dollar to go for oil to hit the elusive $100 dollar mark, few are betting against it doing so in the short term.
Risk Warning: Spread betting carries a high level of risk to your capital. You may lose more than your initial investment. It may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
'Gold Futures Trading' by DB, updated 07-Dec-07
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