Gold Futures Lower In Wild Session

June Gold futures are trading lower by $2.40 at $1252 in Thursday's session. In one of its most volatile sessions in quite some time, the contract has had a $28 trading range.

Part of the reason for the extreme volatility is the mysterious selloff the contract after the 1:30 p.m. closing of the open outcry session. In a straight down fashion, the contract slid its closing price ($1254.40) to $1244 on limited volume.

Off the open of the pre-market session for today, it immediately bottomed at $1244.40 and began to move higher. The monster rally took the contract to $1272.40 before another violent down move. At this time, it had found intra-day support at the $1250 area and is attempting to mount another rally.