Gold was near flat until the New York open on Wednesday, at which point it took off, shooting up $15 to $941, but that proved to be the high for the day, as the metal sold off through the Comex and early Globex before leveling off to finish at $931.00/oz., up $4.20. Overnight, gold is little changed.
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In early Tuesday trading in the Far East, gold didn’t do much of anything until shortly before 11:00 a.m. in the morning in Hong Kong. From that point, gold got sold off about $8 in an hour. Not a lot, but a pretty big move for the usually quiet Far East market. As it turned out, that was the low for world gold for the day. A quick retest of that price at 3:00 p.m. in Hong Kong…and gold was on its way higher…and the US$ much lower. This lasted through London trading, but ran into the usual brick wall at the Comex open in New York. Once the London p.m. gold fix was in at 3:00 p.m. [10:00 a.m.…
Gold fell below $915 at the mid-point of Hong Kong trading on Tuesday, but that proved to be the low for the day, as the metal rallied from there to the New York open, went flat until mid-morning, when it sold off again, but then pushed higher to the end of the Comex before leveling off through the Globex to finish at $925.80/oz., up $3.20. Overnight, gold has been pushing higher.
The gold price was so quiet on Monday morning in Far East trading that I smacked the side of my computer screen to see if I could get the price to move…but, alas, it did not.
Gold was steady to the end of Hong Kong trading on Monday, fell sharply from there to mid-morning in New York, dropping below $920, but then posted modest gains through the rest of the day, finishing at $922.60/oz., down $11.10. Overnight, gold is unchanged.
Friday was an extremely quiet day in the gold and silver markets everywhere on planet earth…and volume was extremely light. The only thing of note was the fact that the highs of the day in gold, silver and the HUI came at precisely the same time…high noon in Comex trading in New York…almost to the second. To see gold and silver simultaneously have the rug pulled out from under their respective prices as they go vertical is commonplace…an almost daily occurrence. But the HUI too…with no lag time at all…not even five or ten minutes???
Gold steadied today as the dollar index reversed earlier losses, but trading was muted as the U.S. currency remained hemmed into ranges ahead of a Federal Reserve meeting next week.
The low in Far East trading on Monday occurred shortly after the Hong Kong open…and lasted until precisely 4:00 p.m….which was 3:00 a.m. in New York. From there, gold got sold off about $10 in London trading. The low price of the day occurred less than 15 minutes before the Comex open. The rally that began from that point lasted through the entire N.Y. trading session…both Comex and electronic…with gold tacking on about $12 and almost closing on its high of the day. It was a pretty quiet trading session, and there wasn’t a lot of volume
Gold’s chart looked like it was composed by a bunch of people randomly bumping into one another on Wednesday, first rising in Hong Kong, then plummeting below $929 at the Comex open, rising again for an hour, falling for two, and finally sustaining an upward push from late morning through the Globex to post an exhausted close at $938.80/oz., up $4.00. Overnight, gold has edged lower.
