Gold This Morning: Been Down So Long it Feels Like Up --Jon

Heavy trading volume overnight in both FEB and APRIL contracts as the electronic network demonstrates its efficiency in weather disabled New York. Last night we had a brief moment of justifiable impulse buying which when it failed several bucks short of $1350 immediately brought in sellers. The facts: GSR is slightly easier ~48.70, RSI ~34.80, and open interest rose ~7,000 contracts. For those still faint or struggling with narcolepsy after Tuesday's Kumbaya love-in, our Fed yesterday, after 2 days of meetings, concluded that 'we sail on o ship of state' apologies to Longfellow for diminishing the title for his lyrical paean to America to a cheap play on QE2. Today: I am at a loss for words to further describe this continuing discounting of the obvious in gold and shall fall back on the words of a great trader..."The worse a situation becomes, the less it takes to turn it around, the bigger the upside." Yes, extra credit for identifying the source.  http://www.biiwii.blogspot.com