by Ed Steer, Casey Research:
For the third day in a row there was a brief rally in gold during morning trading in the Far East, but that didn’t get far, and there wasn’t much volume associated with it. From there, the gold price sank to its low of the day, which came an hour before London open. Once the low was in, gold developed a positive bias that lasted until 11 a.m. GMT in London—and then away it went to the upside until JPMorgan et al put an end to the fun at 9:30 a.m. EDT—the moment that the equity markets began to trade in New York.
For a while, it traded flat, but about 30 minutes before the London close, the HFT boyz showed up and took back virtually very dollar of gains since the 8:20 a.m. EDT Comex open. But once the New York low was set, the gold price began to rally anew, but never got anywhere near its 9:30 a.m. EDT high.
The CME Group recorded the low and high ticks at $1,368.20 and $1,388.40 in the April contract.
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