Gold turned around mid way through yesterday’s session to turn a $14 loss into a $22 rally. This morning is seeing a bit of profit taking and we have fallen from the close at $910 to the current $904.
Yesterdays comment is even more apposite now with the need for a swift move above the $922-930 resistance to record a new high above the previous bull move.
Gold Spread Betting, 29 Jan 2009
Gold slipped again yesterday, not much but the price action showed continued resistance to a move above $900. We managed one close above this mark on Monday but since then any approach to the $900 price has brought out solid selling.
We have two scenarios here, either a large number of weak shorts are built up which will allow a punch through $900 towards the all time highs again or the selling pressure will build up once more and confidence in further price appreciation evaporates.
We have had a series of moves higher since October but we very much need to break above the $922-930 failed rally levels of last September.
Because Gold has had such huge moves over the last few years we can tolerate quite extreme price shifts without damaging the overall trend. In the current medium turn rally we would have to trade below $835 to break the upward trend.
Gold Spread Betting, 28 Jan 2009
Gold is slipping in early action as the steadiness in other markets starts to filter through into whether there is any necessity of holding such an expensive asset but it must always be admitted that the Yellow Metal always has its adherents who will buy no matter what.
Citigroup have advised that they expect the gold price to hit $2000 over the next few years and while I disagree it definitely makes for a decent target level.
Gold Spread Betting, 27 Jan 2009
Gold has regained the $900 level which seems a bit odd given that other asset classes are looking a bit more stable at the moment. Shorts (as in Sterling) are getting squeezed mercilessly and the potential for an extension rally to the current move must be considered high.
On the other hand if (I admit this is a big ‘if’) global markets do stabalise the rush out of the Yellow Metal could be dramatic. The downward trendline from last February goes through at around $925 which is also the high of Sept/Oct last year when the market failed three or four times to break through into higher ground. A close above $925 may signal a renewed bull run but we are likely to see some solid resistance to such a move. The market is opening at around $907 this morning.
Gold Spread Betting, 26 Jan 2009
Gold closed last week up $52.50 at $887.00 (up 6.29%)
Today, a quick look at the Financial Spreads gold charts. As the markets become ever more hesitant during January it looks like investors have flocked, once again, the ‘safe haven’ of gold.
Gold Spread Betting, 21 Jan 2009
Gold and Crude Oil seem to be oscillating around current price levels with the Yellow Metal struggling to make headway above $850-$860 and Brent rejecting the lower $40’s ($41/$42) once more.
Gold Spread Betting, 19 Jan 2009
Gold made an abortive attempt at the $800 level a couple of days ago but the pressure exerted by the weakness of most other asset classes told in the end and up we went.
At $842 this morning the market is quiet as dealers ponder the chances of an attempt to challenge the $880/$890 level, which has proved a tough nut to crack over the past month or so. Having said that, there is also the possibility of another attempt to break the short term upward trend line, now at around $815.
Price Update: Gold closed last week down -$20.85 at $834.50 (down -2.44%)
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 Spread Bets January 2009' by DB, updated 31-Jan-09
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