by Ed Steer, Casey Research:
The gold price chopped sideways in a five dollar price range up until shortly before 1 p.m. GMT in London on their Thursday. Then, in a minute or so, the price got sold down about six bucks, before rallying strongly after that. The rally got capped less than an hour later at 8:30 a.m. in New York. From there, gold traded sideways until about noon—and at that point it developed a slightly positive price bias, which really developed some legs at 2:30 p.m. in the thinly-traded New York Access Market. That rally lasted until just about 4 p.m. EST—gold’s high of the day—and then the price didn’t do much after that going into the electronic close.
The CME Group recorded the low and high ticks as $1,307.10 and $1,325.30 in the April contract.
Gold finished the Thursday session in New York at $1,323.00 spot, up $12.10 from Wednesday. Volume, net of February and March, was very decent at 144,000 contracts.
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