by Ed Steer, Casey Research:
Except for the fact that “da boyz” and their algorithms showed up at the New York open, it was pretty much a nothing sort of day in the gold market yesterday. With the gold price on an obvious very tight leash, it was a given that the price wasn’t going to be allowed above the $1,300 spot price mark, or the 200-day moving average.
The high and low ticks were recorded by the CME as $1,298.30 and $1,287.70 in the June contract.
Gold finished the Friday trading session in New York at $1,292.70 spot, down $4.10 from Thursday’s close. Net volume was very quiet—only 84,000 contracts.
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