by Ed Steer, Casey Research:
The gold price jumped five dollars or so in early Far East trading on their Friday—and then didn’t do much until the jobs report came out in New York at 8:30 a.m. EST yesterday morning. There was the usual spike down, but that began the moment that Comex trading began—and ended at precisely 8:30 when the numbers were released.
The spike up got capped immediately, but then the price began to work its way slowly higher from there, right through both the London p.m. gold fix and the 1:30 p.m. Comex close. For a change, the gold price closed on its high tick of the day.
The CME recorded the low and high ticks at $1,226.60 and $1,248.50 in the February contract.
Gold closed the Friday session at $1,248.60 spot, which was up $20.90 from Thursday’s close. Net volume was 135,000 contracts.
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