Quarter-End Squaring Brings In Dollar Weakness AndReprieve For Gold
(Kitco News)- Gold regained the $1,250 level overnight primarily as aresult of a weaker dollar. We remain unconvinced that the dollar rebound isbased on any fundamental changes, in the short term. The trade has enjoyed astellar performance in the strengthening greenback but the move overnightsuggests traders may have taken some profits on the last trading day of thequarter to lock in good optics on their portfolio statements. We will await thenew week to determine whether the dollar has posted an interim top. We expectcontinued volatility today and into next week's holiday trade. There is goodinterest at the $1,247 level for gold and yesterday's $15 big figure printbrought silver buyers back into the market. The volumes yesterday suggestedretail is locked and loaded, but still chasing lower entry points.
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