by Ed Steer, Casey Research:
The gold PRICE traded basically flat until 2 p.m. Hong Kong time on their Friday afternoon. The smallish rally that began at the point got capped sometime after 8:30 a.m. in London trading. From there it chopped quietly lower into the jobs report. The price went vertical at that point—and got hammered to its low of the day within ten minutes. [But if you check the New York Spot gold chart carefully, the rally actually began about a minute before the jobs numbers hit the tape.] The tiny rally that started at that point met the same fate about five minutes before the open of the equity markets in New York—and then gold was sold down into the London p.m. gold fix. The rally from 11:00 a.m. EDT got capped just after 12 o’clock in New York—and the price didn’t do much after that.
The price traded in a ten dollar range all through Friday, so the highs and lows aren’t worth the effort of looking up.
Gold closed in New York yesterday at $1,187.50 spot, up $3.30 from Thursday. Net volume was 110,000 contracts, which is amazing considering the tiny price range that gold traded in on Friday.
Please follow SGT Report on Twitter & help share the message.