Quick answer was basserdan's post a couple of posts ago that is copied below. Now that the $1,000 options have expired wothless, gold will be allowed to run again. Wonderful free markets we have!
Comex Rolloff To Free Gold
UBS Metals Daily
Author:John Reade
September 24, 2009 5:11:28 AM
Gold October options expiry on Comex will take place at 2000 GMT today, and the greatest nearby open interest is at the $1000/oz strike. This is not surprising, as options strikes tend to cluster at round numbers.
The $950 and $1050 strikes too have very large open interest - and the open interest between $950 and $1000 is larger than that between $1000 and $1050. We believe this is a consequence of the recent quick move higher in the metal from $950/oz, rather than options traders explicitly expressing a preference for the downside.
Given the large open interest at the $1000/oz strike, we would not be surprised if gold remains close to this level today, barring a sharp move in EURUSD. To the extent that long October-expiration positioning in the market may have been constraining the range, however, the rolling off of October options should free gold to make larger moves.
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