by Ed Steer, Casey Research:
There was a tiny rally in gold during morning trading in the Far East on their Friday, but starting around 2:00 p.m. in Hong Kong, the gold price began to develop its usual negative bias. That ended at the beginning of Comex trading…and the subsequent rally got cut off at the London p.m. gold fix.
Then at 10:45 a.m. EDT, the high-frequency traders showed up…and fifteen minutes later, the gold price was down another fifteen bucks. The low tick [$1,311.70 spot] came at precisely 11:00 a.m. in New York…and from there the gold price rallied quietly until 3:00 p.m. in the electronic market, when the price popped up over ten bucks in short order before trading quietly into the the close from 3:30 p.m. onwards.
The gold price finished the day at $1,333.80 spot…down 30 cents from Thursday’s close. Volume, net of roll-overs was very light…around 88,000 contracts. But gross volume was monstrous.
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