An Encouraging COT Report By: Ed Steer via Gold Seek
YESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUM
The gold price didn’t do much during the first two hours of trading once it began at 6:00 p.m. EDT on Thursday evening in New York. But then the price pressure began — and that sell-off lasted until a few minutes after 12 o’clock noon in Shanghai on their Friday. Except for a rather violent down/up move at 8:30 a.m. in New York when the job numbers came out, it crawled unevenly higher until a few minutes before the 11 a.m. EDT London close. At that juncture, the price was held firm at Thursday’s closing price — and moved quietly sideways from there until trading ended at 5:00 p.m. EDT.
The high and low ticks certainly aren’t worth looking up.
Gold was closed in New York on Friday afternoon at $1,291.40 spot, down 50 cents on the day. Net volume was somewhat elevated at a bit under 225,000 contracts — and there was a hair over 7,000 contracts worth of roll-over/switch volume in this precious metal.
The silver price started off the same as gold’s, complete with its noon CST low in Far East trading — and it rallied very unevenly from there until it poked its nose above the $15.20 spot mark shortly after 11:30 a.m. in London. Then it had a bit of a wild ride from there, but ever lower in price — and that lasted until a few minutes after the 1:30 p.m. EDT close in New York — and it traded flat for the remainder of the day.
But despite that wild ride, the high and low ticks really aren’t worth looking up.
Silver was closed at $15.08 spot, down 5.5 cents on the day — and a penny below its 200-day moving average. Net volume was nothing out of the ordinary at 51,600 contracts — and there was a bit over 16,600 contracts worth of roll-over/switch volume on top of that.
Platinum followed a very similar price path as both gold and silver up until shortly after 12 o’clock noon in Shanghai. From there it rallied quietly and without interference until shortly before 11 a.m. in Zurich trading — and back above $900 spot by a bit. From there, the price path was very unsteadily downwards until very shortly before the Zurich close. It then rallied a handful of dollars going into the COMEX close — and didn’t do a thing after that. Platinum was closed at $897 spot, up 1 whole dollar.
The palladium price wandered unevenly sideways until 10 a.m. in Zurich — and then was sold down to its low of the day an hour and small change later. It rallied from there until a few minutes before noon in New York — and then edged very quietly lower into the 5:00 p.m EDT close. Palladium finished higher by 4 dollars at $1,351 spot.
The dollar index closed very late on Thursday afternoon in New York at 97.31 — and opened about unchanged once trading began at 7:44 p.m. EDT on Thursday evening. It then chopped quietly sideways until about 11:55 a.m. China Standard Time on their Friday morning — and began to edge lower from there. The 97.19 low tick of the day was set at 2:36 p.m. CST, which was twenty-four minutes before the London open. It chopped very unevenly higher from there, with the 97.47 high tick coming at 11:18 a.m. in New York — and it faded a bit into the 5:30 p.m. EDT close. The dollar index finished the Friday session at 97.40…up 9 basis points from its close on Thursday.