by Ed Steer, Casey Research:
¤ Yesterday In Gold & Silver
There were three tiny rallies in gold yesterday. The first once ended/got capped at 9 a.m. Hong Kong time—and the second one ended at 3 p.m. Hong Kong time. The last one ended about five minutes before the Comex close. A cursory glance at the Kitco chart below shows that, in most ways, the price action in gold on Friday was virtually a carbon copy of the price action on Thursday. The only real difference was that the morning rally in Far East trading didn’t get as far.
The CME recorded the low and high ticks at $1,221.30 and $1,239.60 in the February contract.
Gold closed in New York on Friday afternoon at $1,238.00 spot, which was up $15.00 from Thursday’s close. Gross volume was 124,000 contracts and, like Thursday, a big chunk of that came before the London open to squash the rallies that occurred during the Far East trading day. Volume was about 30% lower on Friday than it was on Thursday
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