With New York closed, there wasn't much to report, but with First Day Notice for the June delivery month in gold on Friday, the roll-over volume in the COMEX futures market will be fast and furious for the next three business days.
NEW YORK ( TheStreet) -- The gold price got sold down five bucks the moment that trading began at 6 p.m. EDT in New York on Sunday evening. It chopped around that new price all through Far East and the London trading session, although London was also closed for some sort of bank holiday. Then at 8:30 a.m. EDT a rally began which got capped minutes after 9:30 a.m. EDT. The second smallish rally after that also met the same fate about 12:20 p.m.---and then it got sold down a bit into the 1:00 p.m. early close. All this trading occurred on the Globex system outside the U.S., as the U.S. [and London perhaps] were closed for Memorial Day. But there was obviously trading going on from somewhere. With the CME closed, there were no low and high ticks available. Gold closed on Monday at $1,207.00 spot, up $1.10 from Friday. Net volume was a tiny 20,800 contracts. Silver also got sold down on the Sunday evening open in New York---and it's price pattern was identical to gold's, which it almost always is. There are no low and high ticks, either, but it traded in a two bit range for the entire Monday session---such as it was. Silver finished the day at $17.105 spot, up a whole 3 cents. Net volume was a microscopic 6,000 contracts.