Gold This Morning: Hold That Line --Jonathan

Active trade overnight and I am immediately defaulting to the comments of our ace technician Rich Ross, who published the following on gold last night, "While prices and momentum have eased, our analysis continues to suggest that the action in gold is consistent with a healthy corrective pause within an ongoing bull market. The 5% pullback to key support offers a compelling entry point on the long side. We have tightened up our market to $1,339 for initial support and would be strong buyers from here down to $1,309." The facts: Open interest came in another 5,000 contracts, yesterday's turnover was enormous, GSR has risen to ~49.30 and while It's hardly a trend breaker yet a move over 50 will boggle the sissies. Today we have to hold the level and any bullish impulse will have to clear the mid $1350s. The GLD ETF options expire today and the put call ratio is huge to the put side...I cannot don the tin foil and and spew a conspiracist rant. Have a good weekend.  http://www.biiwii.blogspot.com