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The gold price traded flat until 1:30 p.m. Hong Kong time on their Wednesday afternoon and, as you already know, it was all down hill from there. The low tick of $1,384.10 spot was printed around 12:40 p.m. in New York. The subsequent rally ran into a seller shortly before 4 p.m. in electronic trading, and from there got sold down about five bucks into the close.
It was more or less the same in silver, although 8630 the selling pressure began to manifest itself shortly after 9 a.m. in Tokyo. The rally attempt going into the London open went nowhere, and after that the price kept declining until the same time as gold; 12:40 p.m. in New York. The absolute low of $23.28 spot came at precisely 2:30 p.m. in electronic trading and, like gold, the tiny rally after that didn't get far.
Platinum traded flat in Hong Kong, but began to drift lower the moment that London opened. The real price pressure showed up at 1 p.m. BST, which was 8 a.m. in New York, and the real price drop occurred shortly after Comex trading began. It was all over by 9 a.m. EDT, and Platinum traded flat after that.
The dollar index closed on Tuesday in New York at 82.38. 8630 It's high on Wednesday came shortly after 2 p.m. in Hong Kong trading, 8630 and it began to slide a bit from there. Except for a brief rally in early morning in New York, the dollar kept heading lower, hitting its nadir of 82.08 at 11:30 a.m. in New York. The subsequent rally didn't get far, and the index closed at 82.16, down 22 basis points.
The 8630 gold share price action was a big surprise. Although they gapped 8630 down at the open, very strong hands with deep pockets showed up immediately. Every time the HUI swooned, there was a buyer there to not only support 8630 them, but lift them gently higher.
Then when the gold price popped going into the 4 p.m. close of the equity markets in New York, the gold stocks jumped into positive territory, with the HUI finishing up 0.83%, almost on its high of the day.
The chart pattern was similar for silver, but because of the severity of the price decline in that metal, the stocks never had a hope of closing 8630 in the green. However, Nick Laird'
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