A weak day but lightly traded volume as the US heads into Thanksgiving tonight. All US markets are closed and its a half day session tomorrow in the US, so all in all a long weekend. More dull trading expected for the local market. Gold has continued its surge on back of a weakening US Dollar and rhetoric that India will continue on with its purchased. Next week is the RBA meeting on interest rates. Whilst the RBA has not raised rates in 3-consecutive months for more than 20-years, the market has priced in a 78% chance of a rise. Rhetoric out of the bank in the last few days certainly suggests that they will raise again. The broader consolidation continues to take shape and technically will continue to do so for at least a month. I’d like to be proven wrong and take the seasonal rally into Christmas, but I’m just not sure. If the chop does continue then trading shorter term swings will be frustrating.
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