On the commodity front Gold, yet again...did nothing. An early attempt to break higher had as much luck as the previous day’s attempts to break to the down side. We seem to be magnetically attracted to the $970 level where we open this morning.
Spread Trading, 11 Mar 08
Oddly enough in all the fun over the past few days Gold has actually done very little indeed. In the past few years any price consolidation has generally been a precursor to yet another sharp move higher so bears will be watching the boards very closely. The current gold spread is $973.0 - $973.5 is up about a dollar but is well within recent days trading ranges.
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Spread Trading, 10 Mar 08
Some profit taking on Friday saw a bit of a gold retracement back to the $970 level, but with almost every pull back it seems at the moment that it just presents another buying opportunity for the bulls. Spot gold is at $977.8 as I write.
Spread Trading, 3 Mar 08
The one bright bullish area is the one that we would all wish to be bearish. Gold is trading another $7 higher at another record level, $984. Silver is trading above $20 which means it has moved over 15% in the last two weeks. The Platinum market seems to be pausing for breath having run out of steam with current prices around the $2150 level. The recent moves may be more a bear squeeze as there were (apparently) some heavy shorts built up in Gold and Silver in the low $900’s and mid $17’s respectively. If we can maintain these prices for a bit then the next push higher cannot be long coming. However the probability of a major reversal are also increasing with every dollar we move.
'Gold March Spread Betting' by DB, updated 14-Mar-08
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