Quiet So Far

After dipping to a five-week low last Friday, gold recovered somewhat to make it above the bottom of the previously-oft-mentioned US$1,110-$1,140 trading range. Early this morning, spot gold hovered between $1,110 and $1,115. As of the time of this post, spot gold's at $1,115.50

This Wall Street Journal article says that trading is light, and quotes an analyst proffering a new, lower trading range:

"We would look for speculative and investment bargain hunting buying to provide further support in the coming sessions, although with the stronger dollar still the primary driving force, the metal remains at risk to a dip back to the $1,050 a troy ounce to $1,080-per-ounce area," said James Moore, an analyst at TheBullionDesk.com.

Commerzbanks' predicting that gold will end the year at $1,050/oz.

Interestingly, the rest of the article reports that both the net speculative long open interest and SPDR Gold ETF holdings both increased on Friday. The former is attributed to short covering.