Opened Positions
Spread Bet Longs:
- SPOT GOLD (DFB) 1606.31
- I said I’d have another look at this today in Friday’s diary because I still think the trading signals and general market sentiment here looks like it’ll push gold up. When I say ‘trading signals’, I really mean my simple tramlines – and they still suggest this is going back up to 1615. I’m combining that guess with the daily news where “The dollar fell to a one-month low against a basket of currencies <.DXY>, helping gold to gain slightly, although the overall sentiment for bullion remained mixed amid a lack of clarity on the macroeconomic policy front. U.S. employers hired the most workers in five months in July, but an increase in the jobless rate to 8.3 percent kept the prospect of further monetary stimulus from the Federal Reserveon the table.”To my laymans way of thinking, this suggests to me that people with money who like to grow their capital and traders will keep buying up gold as an ‘insurance’ against lower productivity/weaker currencies.
- £2 @ 1606.31
- STOP LOSS: 1600
- SPOT GOLD 1608
- In the back of my head, I was sure I was in the right trend with the gold price so decided to take a punt when the price started to climb. Somewhere I remember reading something about doubling up your gains, and I think this affected this trade. I have to say, looking back, perhaps it wasn’t a wise thing to do? Where’s my system? Am I just guessing here or what?
- £5 @ 1608
- STOP LOSS: 1600
Spread Bet Shorts:
None
Closed Positions
- SPOT GOLD (opened earlier today)
- £2 @ 1606.31 closed at 1615 = +£17.38
- SPOT GOLD (opened earlier today)
- £5 @ 1608 closed at 1615 = +£35.00
Profit for Day
+£52.38