Gold This Morning: Knock Knock... HU's There? --Jonathan

Active trade overnight, particularly after a holiday, with selling pressure, unusual of late, absent. In fact since last Friday's plunge to the mid $1350s brought out the last of the hysterical former bulls blaring warnings of possible punishing and retributive corrections (how many bulls are left after this hideous ~5% decline) the sellers must be on a metaphorical cigarette break hanging around the outside and wondering how to get back in. The facts remain modestly supportive with GSR slightly easier at ~47.50 and RSI still provocatively fluttering ~44. Open interest is creeping back toward 600,000 and most notably last week's COT report which got lost somewhere in the swamp of a long weekend showed Commercials reducing short exposure for a second consecutive week...but what do they know? We close today with an exclusive leak from the oval office where the President, meeting with Ben and Tim, seeks assurance that we maintain a jolly reception for our guest this week, the President of China. "Boys, are we keeping the USD cheap, bonds firm, and laying off gold?...Check, Mr. President, the orders have been placed" We roll out the welcome wagon.  http://www.biiwii.blogspot.com