Wednesday November 27, 2013 08:37
Gyrating markets as traders square their books ahead of Thanksgiving. A slightly weaker tone to the U.S. dollar as consumer confidence in Germany came in stronger than expected and created some modest short covering in the metals overnight. It’s a travel day today, as I leave the San Francisco conference, where a couple of years ago the attendance was measured with a K and this event garnered a number in the low 100’s. Apathy abounds, which may prove to be a good contrarian indicator. Markets should remain in a tight range today and am looking for gold to transition between $1,245 and $1,255, with the risk on the upside, if shorts do not have the conviction to remain positioned ahead of the holiday.