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Financial Spread Betting on Gold |
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A review of Financial Spread Betting on Gold.
Also see today's Financial Spread Betting on Gold News.
Financial Spread Betting on Gold - 11 November 2011
Gold has spent the last couple of days oscillating following its little correction. Bullish spread trading clients have been attracted into buying at these levels no doubt expecting a retest of $1800 and at the time of writing we're at $1766.
The precious metal probably needs a trigger to get back up there, rather like the trigger mentioned above that would send indices lower if it came.
As a result, all eyes will be on the progress with today's votes in Italy so see if that's the trigger that will spark the next bout of volatility.
Financial Spread Betting on Gold - 10 November 2011
Even though gold is considered to be a safe haven it hasn't managed to capitalise on the recent turmoil within the markets.
Rejecting $1800 only a couple of days ago has seen it retrace back to $1760 at the time of writing.
The uptrend remains in tact and so bulls are probably sitting on the sidelines waiting to dip back in again as this little bout of weakness could present them a buying opportunity.
Financial Spread Betting on Gold - 09 November 2011
Spread betting investors didn’t seem to pay attention to the fact that gold broke the psychologically important level of $1800.0, not reached since Sept 21st, in yesterday’s session.
The precious metal actually ended the day down $8.7 at $1786.8 after Italy, the newest member of the EU to find itself struggling in the current economic climate, was perceived as being solvent but having liquidity issues.
Now that the Italian Prime Minister has announced he will step down, it looks as though investors think there will be less uncertainty and therefore are booking profits in gold, allowing them to dip into riskier assets.
Financial Spread Betting on Gold - 08 November 2011
Since the 6th September, the gold spread betting market has seen 20% erased from its price after investors have sought new safety havens and banked profits from the precious metal. This slump ended on the 25th and now a recovery path is being formed once more.
Yesterday’s session saw the metal’s safety haven status return as a $30 rally took place, bringing the yellow brick up to $1794.5.
The dominating reason behind this hike was the concern that Italy isn’t far off from joining Greece in the dog house after reporting that borrowing costs were at all time highs. At time of writing the shiny metal is having a breather and trading down at $1787.9.
Financial Spread Betting on Gold - 07 November 2011
The risk off trade is helping push gold higher to $1767, just off its highs of the morning. The precious metal has had a good week or so, having attracted buyers ever since dipping back towards $1600 at the end of October.
Gradually, slowly but surely the precious metal has got itself within touching distance of $1800 again.
The bulls are trying to re-establish the upward trend and seem to be making a good fist of it. Our spread betting account holders remain bullish of the metal and would no doubt dearly love a return to the all time highs.
Financial Spread Betting on Gold - 04 November 2011
Yesterday’s trading session for gold saw it reach highs that haven’t been seen since late September, as investors relaxed their concerns that Greece may default, bringing carnage to the European banks.
As an alternative investment, the precious metal is increasingly becoming more appealing, with the ECB reporting an unexpected cut in interest rates.
Further support was provided by speculation over the Fed pumping out another bout of quantitative easing so, amid a weakening dollar, gold gained $25 to end the session at $1762.8.
This morning a little bit of profit taking has crept in as the precious metal is at $1757 at the time of writing.
Financial Spread Betting on Gold - 03 November 2011
As the dollar slumped in yesterday’s trading, due to hint-dropping by Fed Chairman Ben Bernanke about more stimulus if the economy remains weak, gold made back recently lost ground. Support was also given by the carnage in Europe.
All in all the precious metal made a conservative gain of $16 to end at $1736.5, which at time of writing is in the process of being eradicated, as the yellow brick sits at $1729.9.
Financial Spread Betting on Gold - 02 November 2011
Initially, the gold spread betting market felt the brunt of the disarray, dropping to as low as $1680.9, but pessimists could not keep it under the $1700.0 mark for long. Bargain hunters stepped in to snap up a deal and traders chose it as a traditional hedge against market mayhem.
By the end of the day, the losses had been wiped off and $5 was added onto the starting price, taking it up to $1719.3. This morning the precious metal is seeing further strength to $1735.
Financial Spread Betting on Gold - 01 November 2011
Thanks to Japan’s intervention in the currency market, the US dollar got a shunt, sending in northwards. This opened up a trapdoor for the commodities spread betting markets, sending them spiralling down.
It seemed the only thing providing support for gold was the 40 day moving average, which stopped it from finishing below the $1714.2 mark, having lost $33.
It continues to look as though risk adverse investors are one by one losing their safety havens; after waving goodbye to the Swiss franc and now the Japanese yen, will gold step back in to be a hedging favourite? At time of writing, the precious metal is trading at $1710.0, not far off yesterday’s close.
Financial Spread Betting on Gold - 31 October 2011
Friday’s session saw the yellow metal close not far from flat, as those spread betting on gold booked the profits from a five day rally which took the yellow brick from a low of $1611.0 to the highs $1750.0.
There were several factors involved in the tug of war for gold. The higher US dollar put downwards pressure on the commodity, making it look more expensive to bargain hunters, whilst uncertainty over the European rescue package provided support as, in the long term, it is likely to spur higher inflation.
So after a day of toing and froing, the two opposites discarded each other to mean gold closed at $1743.2, just short of $2 off the open. However, at time of writing, with a second bout of profit banking, gold is down to $1714.6.
Spread betting and CFD trading carry a high level of risk and you can lose more than your initial deposit so you should ensure spread betting or CFD trading meet your investment objectives and if necessary seek independent advice.
Market Commentry from Financial Spreads.
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Financial Spreads - tax free* trading on over 2,500 spread betting markets. With a Financial Spreads Account you can trade commission free, 24 hours a day on stock market indices, forex, shares commodities and...read review » Financial Spreads.
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With financial spread betting you can lose more than your original stake or investment. Spread betting carries a high level of risk to your capital. Please familiarise yourself with the risks that are involved and before trading, ensure that financial spread betting matches your investment objectives. Seek independent advice where necessary.
Financial Spread Betting on Gold - edited by MJ, 11 November 2011.
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With spread betting you can lose more than your original stake or investment. Spread betting carries a high level of risk to your capital so please familiarise yourself with the risks that are involved and, before trading, ensure that spread betting matches your investment objectives. Seek independent advice where necessary.
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* Based on current UK tax law. Tax law may change and can differ depending on your personal circumstances.
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