From today's Gartman Letter...... (11-6)

"Regarding gold, it is trapped within a very small range, having traded in the spot between $1080 to $1095 for the past three trading sessions, obviously awaiting the release of the US employment report later this morning. We are rather concerned about the crowded nature of the gold market, for everyone, everywhere is long of gold and bearish of the US dollar. It is for this reason that we are long of gold in terms of the EUR, the British Pound Sterling, of the US dollar and now of the Yen too, for we have wanted to hedge away as much of the US dollar exposure that we can. So we have.

Finally, scanning down through a list of charts of various commodities we are struck by how many have gone into inordinately tight, narrow trading patterns in the past two or three sessions, after having rallied smartly late last week and earlier this. Crude oil has done it; gold has done it; cotton’s doing it; coffee’s doing it; wheat; copper; coffee… all have done it. One gets the sense that they are all awaiting this morning’s Employment report; awaiting a further weakening of the US dollar; awaiting something anyway… and the tension is mounting."