London close in gold trading
The London close, around 4–5 p.m. London time, is when European desks square positions; gold often reverses or pauses as liquidity shifts to New York alone.
Also called London fix (3 p.m.), European close, London close killzone
The London close is the end of the European session, around 4:30 p.m. London time (11:30 a.m. New York during US summer time). It follows the 3 p.m. London LBMA afternoon auction, the benchmark many physical contracts settle against. As European desks square up, the flow that drove the morning fades and New York is left to trade alone for the afternoon, often at lower volume.
How it applies to gold trading
Two things happen around the London close that traders watch. First, the morning trend frequently pauses or partially reverses between about 10 a.m. and noon New York time as London profit-taking meets New York positioning; ICT labels this the London close killzone and looks for reversal setups in it. Second, the 3 p.m. London fix itself can produce a short burst of volatility as fixing orders are executed.
After the close, the New York afternoon tends to be quieter unless an FOMC decision or other 2 p.m. event is scheduled. Ranges contract into the 5 p.m. New York close and the daily break.
The session comparison guide on this site tracks how gold’s range is distributed across the London morning, the overlap and the New York afternoon, which shows how much of the day is usually over by the London close.
A common mistake
Expecting the London-session trend to continue at the same pace through the New York afternoon. The driver has gone home; afternoon continuation needs a US catalyst.
See also: London open, London fix, New York session, Killzone.
Frequently asked questions
What time is the London close for gold?
Around 4:30 p.m. London time, after the 3 p.m. LBMA afternoon auction. In New York that is 11:30 a.m. during US summer time.
Does gold reverse at the London close?
Often enough that ICT defines a killzone around it, but not reliably. It is better described as a point where the morning’s driver fades and the afternoon depends on US flows.