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Online Gold Market Spread Betting |
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A review of Online Gold Market Spread Betting.
Also see today's Online Gold Market Spread Betting News.
Online Gold Market Spread Betting - 09 December 2011
Investors were shedding their stock and gold positions yesterday as the days favourite was the US dollar.
The cause of this action was the speech from ECB president Mario Draghi, who said that unlimited buying of government bonds was not an option, and that there were choppy waters ahead for the single currency.
Spread betting account holders will be closely watching the second day of the EU leaders meeting and, already this morning, David Cameron has announced his rejection of the new EU treaty.
So after losing $33.5 yesterday to close at $1708.1, early bird traders have not decided their reaction to the news from the UK Prime Minister and the yellow brick is trading at $1709.4.
Online Gold Market Spread Betting - 08 December 2011
Gold has seen its fair share of volatility in the past few days. The precious metal is increasingly becoming a tough one to call compared to when it was almost a guarantee that any dips would be followed by another push higher.
At the time of writing the yellow brick is trading at $1739 and for now it just seems to be forming a little upward channel with key levels seen at $1746/54/62 to the upside and $1722/00 to the downside.
Online Gold Market Spread Betting - 07 December 2011
No different to the majority of global markets, gold has been put under pressure by negative Eurozone activity lately. In yesterdays session we saw the yellow metal attempt a break of the $1700.0 support level.
After failing to dip below this level, the tables turned and investors saw a small rally in the precious metal, pushing it up just enough to close marginally above the opening price at $1727.6. At time of writing, the commodity spread betting market hasn’t made much more ground and is trading at $1730.2.
Online Gold Market Spread Betting - 06 December 2011
As in recent sessions, gold tried to break through the $1750.0 resistance level yesterday but not with much luck. After using all of its strength, the yellow metal gave up and plummeted $23 to close at $1722.6.
It still seems that cash is king right now and with any hint of trouble investors are dumping their gold positions to leave them more liquid. Currently, the precious metal is down just over $2 at $1720.9.
Online Gold Market Spread Betting - 05 December 2011
With strong resistance around the $1750.0 level, the gold spread betting market found it hard to sustain the gains seen on Friday.
So after investors saw it reach a higher high of $1763.0, they decided to start banking their profits when good Non Farm Payroll data was released. This showed that the US unemployment rate had dropped to 8.6%, the lowest level since March 2009.
All in all, the precious metal rallied $4 to close at $1748.95, which at time of writing hasn’t seen much action and is trading at $1745.3.
Online Gold Market Spread Betting - 02 December 2011
Gold seems to have found a bit of a ceiling around the $1750 level, having gone sideways for the last couple of days, and it doesn’t seem to be benefiting from the continued bullishness in equity markets.
At $1747 at the time of writing levels to watch for the gold spread betting market over the near term are $1755/70/78 to the upside and $1735/25/11 to the downside.
Online Gold Market Spread Betting - 01 December 2011
Gold benefited from yesterday's risk appetite as speculators picked up the precious metal pushing it to $1750. This morning the precious metal, like several of the riskier currencies, is just seeing a mild bit of weakness which has taken it to $1742.
The recent bounce off the $1670 level puts this as the major support level over the medium term. Those bulls that missed out on that bounce might be itching to get back in, just in case there's another big move to the upside.
Online Gold Market Spread Betting - 30 November 2011
Gold has taken a turn for the worse, rejecting the $1720 level and it would seem that the precious metal is following in the footsteps of the euro and equity markets at the moment.
This morning’s weakness is unexpected considering that you would usually expect to see the price of gold rally on news of credit rating downgrades.
This is clearly not the case anymore, so once again the longer term rally of the yellow brick is being called into question. This morning gold is trading at $1710.
Online Gold Market Spread Betting - 29 November 2011
Not wanting to blow ones trumpet, but the potential technical rally mentioned in yesterday’s report materialised and investors witnessed the biggest intraday rally for gold seen since early November.
The pressure that gold has been under due to cautious traders shying away from the non-interest bearing assets was certainly eased in yesterday’s session. It was also helped by the equity and commodity markets in general. Gold closed up $31 at $1711.5.
Market participants will now be looking for the next technical level of $1725, which a failure to break could result in a drop back to last week’s lows. Currently, the precious metal is at $1707.2.
Online Gold Market Spread Betting - 28 November 2011
The sovereign debt concerns weighed heavily on gold’s price during Friday’s session. Investors’ feared that plunging equity markets would reduce ‘free risk capital’ and therefore long positions in the metal were liquidated.
Support was provided by a firm US opening of the Dow Jones though. By the end of the session, the yellow metal was trading around mid-range at $1,680.5.
At time of writing, thanks to speculation over a euro rescue package, the metal has been shunted through the resistance of $1,710 and is trading around $1713.5. From a technical point of view that could point towards a potential rally in today’s trade.
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.
Online Gold Market Spread Betting - edited by MJ, 09 December 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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