Why Gold Could Rebound to $1,400 an Ounce
by Ed Steer, Casey Research:
As has been the case for three days in a row, the smallish rally in gold in Far East trading met the usual not-for-profit sellers an hour or so before the London open. The low tick came shortly after 11:00 a.m. EDT in New York. The gold price rallied quietly from there, before tacking on another quick five bucks in the last hour of trading in the electronic market.
The high and low ticks, such as they were, were recorded as $1,160.90 and $1,150.40 in the April contract.
Gold closed in New York yesterday at $1,158.60 spot, up $5.90 from Thursday. Net volume was very quiet at only 104,000 contracts.
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