Weekly open in gold trading
The weekly open is gold's first price when trading resumes on Sunday evening New York time; it is a key reference level and a frequent source of gaps.
Also called Sunday open, Weekly opening price, Market open
The weekly open is the opening price of the trading week, when gold resumes after the weekend at about 6 p.m. New York time on Sunday (CFD platforms may open a few minutes later). It is drawn as a horizontal line and carried through the week.
How it applies to gold trading
The first minutes after the open are thin. Spreads are wide, prices can gap on weekend news and pending orders can fill far from their levels. Many traders avoid entering during the first hour.
Once the week is underway, the weekly open becomes a reference. Gold trading above it suggests buyers have the week so far, below it sellers. Some strategies buy pullbacks to the weekly open when the higher-timeframe trend is up, or watch whether an early-week move away from it is reversed (a weekly Judas swing). Weekly highs and lows often form on Monday or Tuesday, but not always.
Worked example
Example (hypothetical numbers): gold closes Friday at 4,010 and opens Sunday at 4,018. The weekly open is 4,018. On Monday London trades down to 4,006, then rallies; on Tuesday a pullback to 4,019 holds. A trader buys at 4,020 with a stop at 4,008, using the weekly open as the line in the sand.
A common mistake
Leaving tight pending orders over the weekend and being filled at a gapped price on the open.
See also: Weekend gap, New week opening gap, Spread widening, Trading hours.
Frequently asked questions
What time does gold open on Sunday?
Around 6 p.m. New York time, with some platforms opening a few minutes later. Convert to your time zone and watch for daylight saving changes.
Is it safe to trade gold at the Sunday open?
Spreads are wide and liquidity is thin, so many traders wait for the first hour to pass or for the Asian session to settle.
Why do traders watch the weekly open?
It shows whether buyers or sellers control the week so far and often acts as support or resistance on retests.