A Surprising and Ugly COT Report… But

September 11, 2023

by Ed Steer Silver Seek

The gold price began to head higher starting at 8 a.m. China Standard Time in GLOBEX trading on their Friday morning — and that uneven rally ended at the 2:15 p.m. afternoon gold fix in Shanghai when the dollar index began to ‘rally’. From that juncture it was sold unevenly lower until it took off higher starting around 9:20 a.m. in COMEX trading in New York. The commercial traders of whatever stripe were forced to step in at 10:15 a.m. — and from there they engineered its price lower until around 12:40 p.m. EDT. It then had a very broad and quiet up/down move until the market closed at 5:00 p.m.

The high and low ticks, both of which were set in COMEX trading in New York, were reported by the CME Group as $1,935.50 and $1,922.80 in the October contract — and $1,954.00 and $1,940.80 in December. The October/December price spread differential in gold at the close in New York yesterday was $18.10 …December/February was $19.90…February/April was $19.10 — and April/ June was $19.90 an ounce.