Was the low in the recent gold price action set yesterday during Hong Kong trading hours? Flash report we received yesterday described the action as:
"XAU - wild ride so far as the metal went down to 1131/32 before it eventually bounced back to 1144ish. The move from 1134 up to 44 happened within a few seconds as the market got swept, roughly 2500 lots did change hands."
Well it seems someone thought that at near $1,130 gold represented a bargain, and plonked on large market disrupting order. This seemed to set the tone for the rest of the day's trading with gold finishing the week at $1,177 for a gain of 3.11% for the trading day.
Also it seems someone loves "lucky 7", as the the approx. 2500 lots above equates to 7,777 one kilo 999.9 gold bars worth $283,500,000 (spot $1134).
"XAU - wild ride so far as the metal went down to 1131/32 before it eventually bounced back to 1144ish. The move from 1134 up to 44 happened within a few seconds as the market got swept, roughly 2500 lots did change hands."
Well it seems someone thought that at near $1,130 gold represented a bargain, and plonked on large market disrupting order. This seemed to set the tone for the rest of the day's trading with gold finishing the week at $1,177 for a gain of 3.11% for the trading day.
Also it seems someone loves "lucky 7", as the the approx. 2500 lots above equates to 7,777 one kilo 999.9 gold bars worth $283,500,000 (spot $1134).
chart from goldprice.org
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