Reasonably active overnight with a burst of turnover coming from a putative bear raid (bull fade?) around 0530 that took the price down to a $1313.40 low by triggering stops...ho-hum if that's all they accomplished with a morning momentum picture that has the GSR breaking through the 60 round number to ~59.70, RSI at ~80 indicating we are well over-bought in any text book, and open interest near record highs at ~612,000. The pundits are classically in the hedged mode with dire warnings of corrections, steep and otherwise, but not ready to call a top anytime soon. Today: Respect the unanimous confluence of strength and apply your own tolerance of risk, but from our perspective this move in gold is not some periodic geyser but an oceanic manifestation of global change, and markets, as always unforgiving, may make it difficult to get back in. Oh and by the way the Friday COT number held no surprises given where we are as the large Specs essentially offset the Commercials and small Specs while still net long, increased shorts by ~20%.
Disclosure: No positions mentioned