COMEX gold opens with 1.6% gap, fills to session low of $4,159

COMEX gold opened at $4,231.20 an ounce, up 1.6% from the prior close, before reversing to fill the entire gap by session's end.

The opening gap was the largest single-session gap for gold futures since March, according to COMEX exchange data.

Gold traded in a range of $4,158.80 to $4,231.40 on volume of 16,746 contracts. The session low of $4,158.80 tested the $4,160 support zone. The metal closed at $4,164.60, effectively unchanged from the prior session's close of approximately $4,165. The gap-and-fill pattern erased the entire 1.6% opening advance, with the close representing a net change of less than 0.1% from the previous settlement.

The $4,230 level has acted as resistance in recent sessions, with gold failing to hold above that mark. The $4,160 level now serves as near-term support. The session's $72.60 trading range reflected heightened volatility around the open, with the high of $4,231.40 set at the opening bell and the low of $4,158.80 reached later in the session.

Volume of 16,746 contracts traded on the session. The inability to sustain the opening advance above $4,230 suggests sellers remain active at higher levels. The gap-and-fill pattern typically indicates a lack of follow-through buying momentum, leaving the short-term trend neutral to bearish.

The consolidation range of roughly $4,100 to $4,300 has held since April. A close below $4,150 would mark a new June low and put the $4,100 support zone in focus. The resolution of this range will likely depend on the next major economic data releases that influence rate expectations.

This article is for informational purposes only and does not constitute investment advice.