Gold Trading May 2008
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Gold Spread Trading
A regular Gold spread trading update by Simon Denham of Capital Spreads. For the latest gold spread trading update, click here.
Gold Spread Trading, 9 May 08
Gold moved up to the resistance level mentioned in yesterdays’ comment at $882 and we are opening at that level this morning. With the dollar weakening badly against both the Yen and Euro in yesterday’s sessions the rally was not unexpected. But we are still struggling to make new highs on the current ‘wave’ and there are significant resistances at the falling trend line (currently at $895) and, of course, at $900 (just because it is a big number).
Gold Spread Trading, 8 May 08
Gold continues to struggle and the major support between $845 and $850 may exert a fierce pull for dealers looking for weak long positions to attack. This morning the gold spread betting market is at $866.0 - $866.5 having failed to break back above the $882 resistance earlier this week.
Gold Spread Trading, 7 May 08
Gold and precious metals will attempt to hang on to the current levels. As I have commented many times over the past couple of months (sorry!) Gold is not the ‘new paradigm’. It is just another investment tool. If it gets too cheap it will rally if it gets too expensive it will fall. All the talk of $1,500 and $2,000 may well be correct in the long term but at the moment the trend is getting bearish. Each fall is hitting new lows and each rally failing to attain the previous rally’s highs. This is classic bear market material. There is a good chance of a move back up to the $902 resistance level but if the major $845 to $850 support is attacked then unfortunately for all those Gold bulls the probability then swings towards a return to the high $600’s which dominated the price action of early 2007.
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Gold Spread Trading, 6 May 08
Markets today are likely to be on the up, initially, as crude oil and gold continue to bolster the Mining and Oil sector and, rather more cruelly, continue to squeeze those who have shorted the market. As mentioned last week the contraction of the FTSE over the previous weeks trading was a sure sign of a break out coming. That the break out was, on a probability basis, more likely to be to the upside than down. Clients continued to sell any price above 6100 and were unfortunately caught out by the sharp shift on Friday as the pre-bank holiday activity saw traders tighten the screw on anyone trying to set up shorts.
Gold Spread Trading, 5 May 08
No comment from Simon today but looking at the gold spread betting market last week it shows that gold fell to a 4-month low and is now struggling to hold support at $850.
Gold Spread Trading, 2 May 08
Gold prices have really experienced a serious correction from the dizzy highs of $1,000. It just goes to show how sometimes irrational exuberance and speculation can drive prices to unrealistic levels before falling back sharply, usually at the cost of the retail investor who’s just jumped on board at the wrong time. That said, many of the Capital Spread Account holders enjoyed a large chunk of gold’s move up to $1,000 when the trend seemed a one way ticket and are acting a little more cautiously now with prices hitting a 4 month low around the $850 mark.
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Gold Spread Trading, 30 Apr 08
Gold is attempting to bounce off the $871 support that it hit back on the 1 April. However as I have mentioned many times in these comments in the absence of seriously bad news the arguments for holding the yellow metal start to deteriorate. With the dollar trying to recover some ground at the moment the metal is suffering.
Gold Spread Trading, 29 Apr 08
The markets today look to be going over the same ground as yesterday with the pound dropping back to yesterday mornings level around £1.9800 and Gold and Oil reversing some of the recent gains.
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 Trading May 2008' by DB, updated 09-May-08
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