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 put down as well. With the gold spread betting market set at $909.5-$910.0 we look pretty much well poised for an attack in either direction. Any trading is very much of the speculative rather than calculated variety.
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Gold Spread Betting, 14 Feb 08
Gold bounced neatly off the support level mentioned in yesterdays comment at $895 and the gold spread is now at $908.5-$909.0. The recent strength of the dollar against the yen has probably held it back to some extent but the fact remains that we continue to have an almighty battle around the $900 level. Reading some analysts comments that Gold still had some $1,200 dollars to go, to get it back to the same level, in real terms, as the highs reached in 1981 did make me smile a bit. I am not saying that they are wrong but to compare valuations against a high that was itself ridiculous is just plain barmy. You might as well use that argument for every asset. Gold remains a dead hand. It has rarity value but so do many other things. It is merely used as a measure of wealth. It is not useful like dollars or euros that can be used to buy things or can be put in a bank to breed and make more dollars and euros. You cannot burn it for fuel or eat it and it ‘generally’ costs money to hold and gives very little, or no, return. The only thing you can really say is that it will still be here in another 1000 years. But so will the plot of land on which my house is built and I know which one I would rather own.
Gold Spread Betting, 13 Feb 08
Gold was the big loser yesterday as investors scrambled for equity. We have now slapped straight back down below $900 once more (rather backing up our comments about an almighty battle going on at these levels). The Gold spread is now $30 off Monday’s high at $896.8-$897.3. The last attempt to go further down failed at $895 so buyers will be hoping for support here. If the support at $895 fails, the bulls will then be looking at the stronger support at $885.
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Gold Spread Betting, 11 Feb 08
The Gold Market is some 4 bucks up today as dealers ignore the Central Bankers agreement to permit the possible offloading of some $92 billion of IMF gold reserves. Bulls are, as ever, in command and we are probing the mid $920’s resistance levels with the gold spread $922.9-$923.4.
Gold Spread Betting, 7 Feb 08
Precious metals trading managed to shake off the falls of Tuesday and put in a stonking performance to recover much of the losses. Today they are doing reasonably on the open in Europe but are off the highs of yesterday and those set overnight in the Far East. The Gold spread is up $3 at $903.0 - $903.5 and the Silver spread betting market back over $16.50 at $16.61 - $16.64. The battle for Gold around the $900 level is becoming quite frantic with big swings on an almost daily basis. Although it must be admitted that a 1% move is now $9 bucks whereas a few years ago it would only have been $4 or so.
Gold Spread Betting, 6 Feb 08
Gold continues to look weak as the dollar bounces and we are now solidly below $900 bucks with the gold spread currently at $887.7-$888.2. The major short term support is around $870, medium term at $840 and long term down at around $690. With gold we can fall a very long way and still remain in a bull market.
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Gold Spread Betting, 5 Feb 08
The price of Gold slipped again yesterday and spent much of the session under $900 before rallying towards the close to finish at around $905. This morning the sellers are in force again and we are back down to a gold spread of $901.5-$902.0 but punters are quick (as always) to buy on any weakness. The failure to close below $900 may be taken as encouragement for the bulls. However there seems to be a lack of positive impetuous at the moment and dealers will be looking at any failure to build on prices as a negative.
Gold Spread Betting, 4 Feb 08
Gold made a dramatic drop in just a few minutes on Friday which rather pleased this commentator as only that morning I had mentioned the tightening up of the previous few days ranges (leading to speculation of a break out). There seems to be some solid support this time at just below the $905 level and we spent much of Friday afternoon (and evening) bouncing off it in a series of descending spikes. This type of activity would normally inspire thoughts of another break to the down side. However Gold is a bit different and we may get a swift return to the highs just as easily as a shift into negative territory.
'Real-time Gold Prices and Charts' by DB, updated 15-Feb-08
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