Tuesday, March 22, 2011
Gold This Morning: Rough Work, Iconoclasm --Jon
Overnight the attending waiters could only sweep up the crumbs and morsels remaining after the feast of the past few days. No real volume yet and very choppy trade within yesterday's range. Even the facts seem shallow and unprofound. GSR is unchanged ~39.60...gold open interest ~3,000 contracts to ~501,000...and RSI is groping for some springy support ~58.0. While the market encumbrance of the active-month contract roll from April to June and the expiration of the April option contracts will be apparent for the next week do not slide into complacency that this could leave us in a short-term distributive process, instead reflect on the resolute recent behavior, as mentioned yesterday, by those with skin the game. Today: The former all-time high peaks remain just ahead as they did yesterday let's look to see them cleared out...target...the high $1430s.