Friday, March 18, 2011
Gold This Morning --Jonathan
Peppy overnight volume was vigorously to the buy side with hardly a break surprising many punters after yesterday's lethargic performance. Considering that Wednesday's open interest dropped by a meaningful ~6,000 contracts and option vols came in, this morning's resilience is stunning. Yes our G-7 suits had a St. Pats Day blarney hustle last night and while the news is limited you can be sure they have some aggressive incursions planned as we collapse into the weekend. The locals are equally stunned as we prepare for the 0820 opening and the tech gurus see a close today above $1421 for the April contract as the bulls taking control. A close over the old highs ~ $1435 could be deafening. GSR is slightly easier ~40.30 and RSI has a springy step. I see just now that the CBs are beginning to fess up...of course they know what they're doing, just be careful when you find them working your patch.