Although today was a short day in trading with the markets closing at 2 o’clock EST, that did not stop traders from taking gold higher. Over the last two days we have seen gold gain of us $25, after factoring in today’s gain of over $15 per ounce.
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Although gold does not have seasonal tendencies like many commodities such as grains, there are holidays that boost demand like Diwali in India, and Chinese New Year’s.
To give you a realistic idea of how quiet trading was this week with thinning volume as we move closer to the Christmas holiday next week consider this; with the exception of Thursday the opening and closing price was only a few ticks apart.