On To Thanksgiving

Two currents were pushing gold prices around today.

The first, and most important for us in the long term is that a raft of data from the U.S. economy came in shaky at best. Consumer sentiment, housing and manufacturing declines sent red flags flying, raising concerns that the world's biggest economy is losing momentum in the final few months of 2014.

We will see soon how this translates to the early December numbers, which will include employment stats.

The second current we contended with today was the four-day Thanksgiving weekend in the United States (which includes New York!)

Traders and investors with any degree of seniority or security were headed for the airports, trains stations and highways by noon. Those types will not be back in their cockpits until Monday. Yes, there will be trading Friday, an abbreviated session on tap. But don’t expect any big moves unless one of those mysterious Asian trades pops up.

We look for the dollar to recover some strength next week. If the U.S. is just experiencing a speed bump, the dollar will re-start its assent.

During this holiday, in which the lucky and the diligent celebrate their bounty, let’s not forget those who need help.

Onward.

Happy Thanks giving and …
Wishing you, as always good trading,