Gold This Morning: Another Brick in the Wall -Jon

Heavy overnight volume while underpinning higher prices right from the opening have yet to take out a couple of obvious resistance points in the mid $1350's. Since FEB options expire Wednesday one would expect static trade for the next couple of days as the expiration jocks maintain the round number ($1350?). However, having just checked outstanding puts and calls on the expiration I am surprised at how heavily the $1320-70 expiration range is still weighted to puts and since the facts continue to be supportive for higher gold prices perhaps we can induce some nervous bear option holders to join our little party. The Facts? GSR is easier at ~48.90, open interest continues to come in and is now ~578,000 contracts, and RSI remains oversold at under 40. The weekly COT numbers showed commercials as net buyers for I believe the 3rd consecutive week and these are the smart guys covering their hedge books. The not so smart guys and sissies were net sellers. Today: The bulls have their hods filled as long as the ladders aren't pulled from under them. I was reminded by the perspicacious MT that last week I neglected to mention higher gold (and other commodities) margin requirements had been imposed by the many regulators who mindlessly take their marching orders from greater powers who may be aware of positions deleterious to their health and job security...what else is new?  http://www.biiwii.blogspot.com