Haphazard trade overnight with scrappy volumes and a couple of depthless probes insufficient to provoke further buying or selling. We did find some of the recently elusive new money however. Gold open interest rose by ~20,000 contract during the $20 buck frolic on Tuesday bringing the absolute number to ~508,000 contracts, still languid by former standards but it leaves plenty of room for hardy buyers.The facts: GSR is unchanged ~36.90 and RSI is ~65.50; neither are provocative. COMEX trade yesterday had a clear bias to bull strategies and JUNE call spreads like the 1500-1600 at ~ $13.00 remain very cheap (vol ~15%), Today: So far price dithering sets the tone. The measured move from Tuesday's romp to new highs still sets the target bar at mid-$1470s. And if indeed we continue the trend of new dosh there had better be buyers if we pull back to the mid $1450s.
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