‘Da Boyz’ Cap the Precious Metal Rallies On the Bad Economic News

Sunday, July 16, 2017
By Paul Martin

By: Ed Steer
Sunday, 16 July 2017

The gold price sold off a few dollars in morning trading in the Far East on their Friday. The price began to crawl higher starting shortly before 2 p.m. CST — and accelerated a bit in late morning trading in London. The retail sales/consumer prices data was released at 8:30 a.m. EDT in New York — and the gold price shot higher instantly, but was brutally capped within seconds on super-high volume. The high tick of the day was printed minutes before 9 a.m. — and was sold lower until around 11:15 a.m. EDT — and then traded flat for the remainder of the Friday session.

The low and high ticks were reported as $1,214.00 and $1,232.70 in the August contract.

The gold price was closed in New York yesterday at $1,228.40 spot, up $11.10 from Thursday. Net volume was pretty spectacular at around 217,000 contracts, with at least twenty percent of that amount used to put out the 5-alarm fire that occurred at 8:30 a.m. in New York yesterday morning. Roll-over/switch volume out of August was fairly decent as well.

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