Buy Opportunity For Gold Bugs?

Oil is at an interesting level at the charts indicating, perhaps, some demand starting to come in.

Possible Demand Zone

Possible Demand Zone for Gold?

The 1180 to 1185 level may look interesting to buyers:

  • There is previous demand at around this level – buyers have come in at this level in the recent past and bought the market strongly
  • Gold broke the highs from October 2014 (although we are trading under this level presently)
  • Sellers broke the lows and made new lows at the end of October but buyers bought the market at that point.
  • We are making a series of higher lows on the daily chart
  • There is the potential for some trend line retests at the 1180 area

Its a mixed fundamental bag for the shiny metal at the moment:

  • Gold demand has dropped to its lowest level in four years – an falling demand from China
  • Russia is buying gold in large quantities
  • India could announce a reduction in the import tax on gold this month – this may boost the demand for the metal.

Remember, the markets can go either way! Successful investing is anticipating the anticipation of others.

You can play the gold market, risk free with SparkProfit

Short Opportunity On The AUDUSD?

The AUDUSD pair has been in a downward channel since it broke down through support in early September last year. Since then, the bears have been firmly in control. So, taking the philosophy of not trying to pick the bottom (that’s just plain rude) and going with the trend, lets examine the chart to see if it gives us any clue as to some likely levels where supply could kick in again.

Where could the sellers come back in?

Where could the sellers come back in?

There are two levels on interest here:

  • the nearest possible supply zone at 0.7875
    • We have had previous support made at the 23rd of January
    • A solid break followed by long bearish candles indicating strong supply there
    • We’ve tested the level again and bears have come in defending
    • BUT..
      • The lows at 0.7720 from the 29th of January look like they had their stop orders run and the buyers picked up some orders there
      • We have had a number of touches at the supply level, the supply could be weak now
      • A break of this level would shake out the early shorts and weak hands
  • the next possible supply zone is at 0.8020. This looks like a better place to make a stand
    • We have had previous support – old lows become new highs
    • We have a price retesting forming a hook structure and strong bearish candles following the retest on the 28th of January.
    • Its near the 61.8 fib from the highs of the year.
    • Its near the top of the channel
    • Its a significant round number

We have a couple of news items this week which may give us the volatility to get back to the 80.

  • Tuesday 9th February 12.30 am GMT- National Australia Bank Business Confidence
  • Thursday 11 February 12.30 am GMT – Employment Change & Unemployment Rate from the Australian Bureau of Statistics
  • Thursday 11 February 10.30 pm GMT – RBA Governor Stevens speaks

Remember though, markets will do their best to confound the majority. Keep it tight!

One Year Old.

Happy Birthday!

We’re officially one year old! Its been quite a year and looking back we’re proud of what we have achieved. And, we are really excited about our plans for the second year (details coming soon – keep an eye out on this blog).

What’s Been So Awesome About Our First Year.

  • One of the best things has been watching our community grow, we now have more than 130000 players from over 200 countries.
  • We’ve awarded over $95,000 to our players since we’ve started. We want our players to win!
  • Our top players have earned almost $500 from playing on their phone – at no risk to themselves. That is time well spent playing a game on your phone!
  • We started the year offering FX markets and Bitcoin; we added more markets as we went through the year. Our players can now trade commodities and stock indexes.. And we have plans to offer our players even more markets.
  • The social side of our game has grown, with our players chatting to one another and swapping trade ideas through our app. Its been great to be part of this community as our players start to collaborate.

Thank You For Making It Such An Awesome Year!

So, a big heartfelt thanks to all our players for being part of our journey for the first year.

And here’s to the next year!