Looking at the internals of the Gold OI there are a lot of calls that would be in the money at any price above $1200. At 1200 alone are nearly 50,000 net (calls minus puts) June calls! There is another peak of 16k calls at $1250 and again 27k at $1300. There are thousands of more calls at the $5 and $10 increments from 1200 to 1300.
There are no significant net puts before June OE until we get down to $1190 and that is a piddling 1600.
I believe OE is next Tuesday. After that the # of net calls are cut across the board and a few net puts start to show up just above $1200. All of this could change due to holders rolling over positions IF the market makers offer puts at any reasonable price.
The cabal has a spotless record of minimizing the amount of $ they pay out to option holders. There are decades of history indicating that the cabal WILL have gold at or below $1200 until after the June OE. The cabal may be wounded, but it still has teeth and claws, and like most low animals it will fight even harder when is is cornered.
The current draw down of physical is putting huge pressure on the price of gold and silver. But price is still set by the paper hangers, and they can paint the charts at will with absolutely no risk of ever delivering gold that they do not have. They have the get-out-of-jail force majeur (sp) card that they can always fall back on just before price discovery reverts to that which a willing buyer will pay to a willing seller.
The whole picture of where the net puts give way to net calls is moving up. That is very positive, but the progress is still managed by the criminals.
Here is a quote from an un-named ( at his request) expert: “Since Wednesday of this past week the paper hangers have moved the goal posts once again. Only this time in a positive direction HIGHER. The PRIMARY CEILING has now moved from 1200 to 1500 not by much but if the strike price growth and decay rates hold it should continue to be positive at least up to the next option expiration day anyway.
The SECONDARY CEILING is now at 1200, and the TERTIARY CEILING is bouncing back and forth from 1300 to 1400.”
This source has bee very accurate at demonstrating the influence of the calculated floor and ceiling on spot prices for years. The only significant violation was in Aug of 99 when the WA was announced over the weekend and on Monday the PoG exploded.
Given the above it is easy to anticipate the price of gold will fall below $1200 in the next few trading days and stay there until Tues or Wed of next week. After that the fall off in total OI may be allowing for a significant move in gold. Hopefully that move will be up as I believe it should.

All of this can still be tweeked by the crooks, but the trend looks good for a better than average Summer and beyond.