There was a bare trace of trading until 1:15 PM ET, in which gold snuck up. Although it made a new 3-week high by briefly touching $1,540.40, the volume was so thin that it would have to be endorsed on a regular day's trading. Thin days tend to see wider bid-ask spreads. Gold's climb was fairly smooth if the granularity is omitted. Since it's Memorial Day in the U.S., there are no six-month charts for either gold or the U.S. Dollar index today.
At the end of today's blips of trading, the spot price was $1,539.10 for a gain of $2.60 since Friday's close. The Kitco Gold Index attributed +$6.60 to predominant buying and -$4.00 to a strengthening greenback.
The U.S. Dollar Index did trade for the entire day, but it barely budged. Moving up early this morning from 74.9 to 75.0, it failed to break above that resistance level and trudged around the 74.5 level. It sank very slowly throughout the afternoon. As of 5:15, it was slipping at 74.925.
That was it for this U.S. and U.K. holiday. As a result of gold's sneak-up, the end-of-day benchmark for tomorrow's trading is going to be a little higher. If today's gain is endorsed, there'll be a challenge of the $1,540 resistance level in overnight trading. Where gold really stands will be made evident tonight and tomorrow morning.
If you're celebrating the holiday, I hope you're enjoying yourself. Best wishes.
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