The Phaserl


Is This The Big Move We’ve Been Waiting For?

by Graham Summers, GoldSeek:

The gold price didn’t do a whole heck of a lot in Far East and morning trading in London on their respective Fridays, but starting around ten minutes before the COMEX open, the gold price spiked up over ten bucks—and was promptly capped the moment trading began in New York. It began to sell off from there—aided and abetted by the release of the job numbers at 8:30 a.m. EST. But that effect didn’t last long—and within a few minutes of the news, the gold price took off to the upside. The high tick came around 10:20 a.m. in New York—and after that it wandered sideways for the remainder of the Friday session.

The low and high tick were recorded by the CME Group as $1,057.20 and $1,088.30 in the February contract.

Gold closed in New York yesterday at $1,086.30 spot, up $24.70 from Thursday’s close.  It would have closed materially higher than this, but the rally met with very aggressive selling from the Commercial traders.  The net volume was sky high at 192,500 contracts—and I’ll have more about all of this in The Wrap.

Here’s the New York Spot Gold [Bid] chart—and if you examine the rally closely, you’ll see  that it did so in stair-step fashion, which is a sure sign that it was running into resistance, because the moment that the price showed the slightest hint that it was running away to the upside, big selling showed up.


And here’s the 5-minute tick gold chart, with the first decent volume spike coming at the 6:15 a.m. Denver time on this chart—and once the COMEX close was in at 11:30 a.m. MST, volume vanished.  The vertical gray line is midnight in New York, add two hours for EST—and don’t forget the ‘click to enlarge‘ feature.

The price pattern in silver yesterday was very similar to what happened in gold, so I shall dispense with the play-by-play on this precious metal.

The low and high tick for silver yesterday were recorded as $14.02 and $14.61 in the March contract.

Silver finished the Friday session at $14.545 spot, up 47.5 cents the ounce and, like gold, the rally in this precious metal met with resistance as well.  Net volume was very chunky at just over 54,600 contracts.

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