Today in Gold and Silver
New York (Feb 2) 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.
The CME Group recorded the high and low ticks as $1,269.00 and $1,228.20 in the April contract.
Gold closed the Friday session in New York at $1,233.30 spot, down $31.20 from Thursday's close. Net volume was pretty heavy at 194,000 contracts.
The silver price chopped more or less sideways until the noon silver fix was done in London---and then it rallied a bit until 1 p.m. GMT. After that, the silver price followed the gold price chart to the letter right up until the low tick was in minutes after 11 a.m. EST. From there the silver price rallied a bit into the close.
The high and low prices were recorded as $17.37 and $16.545 in the March contract.
Silver closed yesterday at $16.685 spot, down 53.5 cents from Thursday's close. Net volume was 48,000 contracts.
The price paths in platinum and palladium were more of the same. Platinum got clobbered for 30 bucks---and palladium was closed down 8 dollars. Here are the charts.
The dollar index finished the Thursday trading session at 93.59---and traded more or less flat through all of Far East and early London trading. A few minutes before the job numbers hit the tape, the index went vertical, but the rally became more subdued once the numbers were actually out. The dollar index topped out around 94.75 shortly before the 1:30 p.m. EST COMEX close---and it gave up handful of basis points during the remainder of the Friday session. The index closed at 94.67---up 108 basis points.