Gold This Morning: Hu Do You Love? --Jon

Modest overnight trade with a selling bias almost right from the 1800 EST opening. On two occasions $1362, a well-advertised line in the sand was pierced but neither instance has provoked serious selling to new lower levels yet. Open interest as of Tuesday was surprisingly lower ~5,000 contracts perhaps due to the beginning of the roll out of FEB and into APRIL and more likely as I continue to believe a continuing distribution pattern. GSR rose slightly to ~48.00 more a factor of the volatility of our frolicsome friend. RSI is in again and trembling around 40.00 below which it surely enters definitive oversold territory. Yesterday morning there was acive bidding with firmer vols for the expiring 1400 contract; I guess I should have hit the bid. Today: The action from a bull perspective is truly miserable and given that we are in a two week period of active option expiration and a roll to the new forward month we should get some resolution of this almost 5% decline from the all-time high (shocking!).  http://www.biiwii.blogspot.com