The Gold market is up another 7 bucks this morning at 791.7-792.3 as the race for the 800 level hots up. We have now rallied some 40 dollars in four days as the charts give the impression of the blowout move that traders have been waiting for. As dealers attempt to find highs there is more and more squeezing of shorts and at would be foolish to try to call a top just at the moment.
Gold Spread Trading, 24 Oct 07
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.
Gold 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.
Gold 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)
Gold 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.
Gold Spread Trading, 18 Oct 07
On Gold we seem to have run out of puff for the moment after Silver rejected the recent rally. We have closed for three days in a row within a dollar or so of the previous day. Over the past few months this has generally meant that the market is just gathering itself for another push higher but with the dollar weakness today not helping our punters are starting to offload some of their longs for the first time in a while.
Gold Spread Trading, 15 Oct 07
Gold is up strongly this morning to new highs with strong far eastern buying in early morning action as stops above the 750 level were hunted out and killed. The climb in precious metals seems to show no sign of petering out and Silver has now breached the $14 level. Traders are long (as always) and sitting on their positions counting their money. I am continually surprised at the strength of a product that fundamentally has little value (you cannot eat it, use it as fuel, use it as special collateral (it is no better than cash), it's return (above capital appreciation) is pitiful and it's physical manifestation costs money to store), still the attraction continues and we can picture a spike in prices as the last gasp sellers are forced out.
Advert:FinancialSpreads.com >>
Live Prices and Charts, No Commissions, No Fees. Spread Trade on Shares, Indices, Forex, Commodities and more >>
details.
'Gold Software' by DB, updated 26-Oct-07
For related pages also see:
Gold Spread Betting, updated 24-Jul-08
Where to find the best Gold Spreads? compare Gold spread betting markets and get the Latest Gold Spread Trading News, where to find Free Gold charts, prices and...read article. Gold Trading, updated 20-Jun-08
Compare Gold spreads, find free Gold Trading plus your Gold trading questions answered, tips on getting free Gold charts, real time prices and...read article. Spread Trading Gold, updated 17-Jun-08
Your guide to gold spread trading, regular gold articles, spreads comparison tables and your questions answered, where to find free gold trading, free charts, live prices and more...read article. Gold Trading April 2008, updated 25-Apr-08
Gold markets: Gold and Crude Oil have responded to the dollar strength and have retreated over the past few days (only a little in the case of Oil but significantly in Gold). There are considerable long positions still...read article. Gold Spread Bets April 2008, updated 11-Apr-08
Gold market news: Gold is surprisingly a little lower at $924 and remains content to hold above the $900 mark. Support seems to be building up again after its sharp decline from $1,000 and the market is taking in its stride that the IMF plans to...read article. Gold March Spread Trading, updated 28-Mar-08
Gold markets: With the dollar holding steady Gold begins to look pricey. The cost of holding long positions begins to present a problem and with no currency appreciation to help out we may see a second leg to the recent sell off. That said FinancialSpreads.com clients continue to buy into any weakness so there is still strong confidence in the $1,000+ mark....read article. Gold March Spread Betting, updated 14-Mar-08
Gold market information: On the commodity front Gold, yet again...did nothing. An early attempt to break higher had as much luck as the previous days attempts to break to the down side. We seem to be magnetically attracted to the $970 level where we...read article. Gold February Spread Trading, updated 29-Feb-08
Gold market information: 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...read article. Real-time Gold Prices and Charts, updated 15-Feb-08
Gold pricing information: Gold bounced once again from the $900 level which is making the support here ever tougher to break down. Support is now solid between $885-$895 and $900. On the other hand every attempt $930 as been brutally...read article. UK Gold Spread Trading, updated 01-Feb-08
UK Gold Spread Trading: Gold is also strangely attracted to the mid $920s and this morning we are seeing a gold spread of $926.2 to $926.7 with punters still...read article. Spread Betting on Gold, updated 04-Jul-08
Compare Gold spreads. Free Gold spread trading information, where to find free Gold charts and prices, how to spread bet on Gold and...read article. Gold Trading Online, updated 21-Dec-07
Find out where you can Trade Gold Online for free plus your Gold trading questions answered, tips on getting free Gold charts, real time prices and...read article. Gold Futures Trading, updated 07-Dec-07
Where to trade Gold Futures plus updated Gold trading news and the most popular Gold questions answered....read article. Gold Broker, updated 23-Nov-07
Where to find free Gold Brokers plus regular Gold financial trading news as well as the most popular Gold questions answered....read article. Gold Platform, updated 09-Nov-07
Where to find free Gold Platforms plus updated Gold trading news as well as the most popular Gold queries answered....read article. Gold Software, updated 26-Oct-07
Where to find free Gold Software information plus updated Gold trading news as well as the most popular Gold queries answered....read article. Gold Prices, updated 04-Feb-08
Where to find free Gold Prices plus updated Gold news as well as your top Gold questions answered....read article. Spread Bet on Gold - Commodities Spread Trading, updated 07-Aug-07
The commodities sector has been rising recently on the back of strong metals markets. High demand and queries over supply have lifted the prices of base metals. Tin surged to an all-time high of $15,700 a tonne. Supply queries in Indonesia have been helping...read article. UK Gold Trading, updated 11-Feb-08
Gold almost hit a 28-year high earlier today. The Gold spread betting markets are currently being traded at Gold (October) at $737.8-738.6 and Gold (December) at $744.5-745.3. A weak dollar has also been pushing up oil prices and gold prices as the bullion hits $740 an ounce....read article.
Q) Average Trading Results?
A) Get free spread betting tips, offers, price updates, important news and more! All Free - Click here
Risk Warning: Spread betting carries a high level of risk to your capital and 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.
* Tax law is subject to change or may differ if you pay tax in a jurisdiction other than the UK.
