Lively overnight volume has gold prices firm after an early evening fade by clearly unaccomplished traders, perhaps the anointed nocturnal operator's first team was getting an early start on St. Paddy beverages. The facts this morning, awash in copious ladles of new radio-active liquidity, remain compelling... GSR is slightly higher ~40.70...RSI remains under 50...open interest after Wednesday's massive volume fell ~4,000 contracts to ~508,000 a number down ~15% from last May and given recent anecdotal evidence of commercial covering the holders of gold futures are whittling down to a hard core. This morning, the CNBC wizards have already started a countdown clock for 0830 and the release of CPI. I can hardly stand the excitement of waiting to learn (will they roll Greenie out again?) whether core CPI is a sissyish rounded-up 0.2 or a sterner round-up which will morph into immediate analysis of the cost components of my son's egg mcmuffin. Today: should resume upside momentum, subject to the 0830 media rant, and one caveat, April gold options, which are very active, expire 3/28 and interested parties may clearly try to operate around the obvious round number, $1400.00
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