by Ed Steer, Casey Research:
Gold rallied a bit in early Far East trading, but then got sold back down to the $1,200 spot mark just before 1 p.m. Hong Kong time. From there it rallied to its noon high tick in London—and “da boyz” showed up at the London p.m. fix. The subsequent rally that began thirty minutes later got capped shortly after 2 p.m. EDT in electronic trading—and despite the fact that the dollar index got crushed, JPMorgan et al managed to finish gold down on the day—and back below $1,200 spot.
The high and low ticks were recorded by the CME Group as $1,208.80 and $1,194.30 in the June contract.
Gold finished the Thursday session in New York at $1,197.80 spot, down $3.70 from Wednesday’s close. Net volume was pretty decent at 146,000 contracts.
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