NEW YORK (TheStreet) —
The gold price didn’t do much in Far East trading on their Friday—and was up a couple of bucks by the London open. Shortly after that, the gold price spiked about five dollars or so, but “da boyz” were there to make sure that things didn’t get too far out of hand. The price chopped sideways from there, but at precisely 8:30 a.m. EDT, the HFT boyz and their algorithms showed up—and thirty minutes later it was all over except for the crying. Any of the smallish rally attempts after the 9:00 a.m. low were capped.
The high and low ticks were reported by the CME Group as $1,214.60 and $1,201.00 in the June contract.
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