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Gold Spread Trading |
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A review of Gold Spread Trading.
Also see today's Gold Spread Trading News.
Gold Spread Trading - 25 November 2011
Gold is also suffering from this bout of negative sentiment and ever since hedge fund supremo John Paulson started selling large chunks of his gold exposure the precious metal seems to have lost its shine.
At the time of writing the yellow brick is trading at $1,684 and near term support and resistance is seen at $1,680/67 and $1,712/25 respectively.
Gold Spread Trading - 24 November 2011
Gold furthered its recovery in early trading yesterday but, after breaking through Tuesday's highs, its strength weakened. Things soured for the bulls involved in the yellow brick, letting it fall $7.3 to close down at $1692.3 by the end of the day.
Once again, the US dollar triumphed as a safety haven over the precious metal, and with the market struggling to remain above the 40 day moving average for the past few sessions, the short term technical picture is looking bleak.
Currently, the gold market is trying to claw back some of yesterday’s damage, and is sitting up at $1696.9.
Gold Spread Trading - 23 November 2011
Gold has done well to attract some buyers back having dipped below $1700 yesterday.
Yesterday saw considerable weakness in the precious metal as it reached a low of around $1665, but overnight the Asians helped to push it back above $1700 and this morning we're at $1702.
Things have also turned negative from a gold analysis point of view for the yellow brick as rallies don't last long. We can't rule out another test of the 200 day moving average which currently sits around $1600.
Gold Spread Trading - 22 November 2011
It could possibly have been looking at the bearish technicals, but investors yesterday seemed to realise that a challenge of the $1800.0 level for gold was growing ever more unlikely. This triggered a mass close out of long positions.
After dropping to $1666.1, the precious metal tried to claw back some of the losses, but the bulls were not as powerful as before and could only pull it up to close at $1676.8.
At time of writing though, they seem to be using all their force and have pushed the gold spread betting market to $1695.5.
Gold Spread Trading - 21 November 2011
With gold prices struggling to get above the $1800.0 mark, market bulls and bargain hunters found themselves getting their fingers burnt yet again on Friday.
It seems that before gathering enough momentum to breach this psychologically important level, a lot of the weaker long positions in the precious metal are going to find themselves washed out.
The yellow metal found itself hanging on for dear life on Friday, and closed the session with little gain at $1723.1, which at time of writing has been wiped off, as it sits at $1714.1.
Gold Spread Trading - 18 November 2011
Gold has really burnt the fingers of some of our spread betting account holders as it saw a very sharp sell off yesterday taking the precious metal down to the $1720 area.
There was even a big gap lower of some 100 points and it looks like a bit of profit taking is creeping in following hedge fund legend Paulson's big liquidation of some big exposure he had to gold.
For now the yellow brick has found support around $1720 and is at $1727 at the time of writing.
Gold Spread Trading - 17 November 2011
Fighting against the strengthening dollar, gold found it hard to make ground yesterday. Not only this but a US Labour Department report saw a 0.1% decline in consumer prices against September’s figure, which accentuated the fact that gold was a needless hedge against inflation, thus reducing the demand for the yellow metal.
There was an interesting media report in yesterday’s session though. Jon Paulson, one of the larger holders of gold ETF’s, has just dumped a third of his stack, worth around $2 billion.
So by the close of business, the precious metal had slumped $17 dollars to $1763.3 and, at the time of writing, gold is pretty much flat at $1764.7.
Gold Spread Trading - 16 November 2011
On the other hand, the gold spread betting market has not proven to keep its safe haven status intact.
Usually you would expect the precious metal to be storming higher and testing at least the recent high around the $1800 level before an even greater push towards the all time high again.
However, this time the bounce we've seen in the past following a bout of weakness has not been forthcoming. At the time of writing gold is at $1771.
Gold Spread Trading - 15 November 2011
Eurozone members that have been worst hit by the debt crisis were subject to a political reshuffle yesterday, sending worrying investors into the safety of the US dollar and out of gold.
Reports have stated that current trading volumes are minute; the only people left in the markets seem to be short term speculators, with the long term holders taking a peripheral view for the time being.
So all in all, yesterday’s session saw the yellow brick lose $7.5 to close at $1779.8, which at time of writing has been extended down to $1770.1.
Gold Spread Trading - 14 November 2011
The gold spread betting market was in favour on Friday as the fear of Italy joining Greece in the cess pit receded and investors returned to the yellow metal, helping push the price higher.
Investors watching gold’s price of late may view it as being caught between two factors.
On the one hand, there would be the bearishness of a sovereign default, which could trigger a liquidation run from holders needing to cover margin calls elsewhere.
In contrast, there would also be support provided by the uncertainty over potential economic bankruptcies.
The weakening US dollar helped keep the precious metal higher on Friday and all in all gold added $32.5 to its price, finishing at $1790.7.
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.
Gold Spread Trading - edited by MJ, 25 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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