by Ed Steer, Casey Research:
I’d forgotten all about the jobs report when I first saw the precious metal charts yesterday morning—and the price activity made perfect sense once I discovered that fact.
The gold price rose and fell a few bucks during the Far East and early London trading sessions on their Friday—and the gold price was back to unchanged by 1 p.m. in London, which was twenty minutes before the COMEX open and thirty minutes before the job numbers were released.
The sell-off began at 1 p.m. GMT—and then the HFT boyz spun their algorithms at 8:30 a.m. EST—and once the sell stops were hit, the technical fund/managed money long holders headed for the exits in droves. The low tick of the day came a few minutes after London closed for the weekend—and the gold price didn’t do much after that.
Please follow SGT Report on Twitter & help share the message.