Gold was down on Monday morning in Asia. Concerns about COVID-19 outbreaks remain as countries including Australia and South Korea reintroduce restrictive measures, while U.S. inflation data and testimony from U.S. Federal Reserve Chair Jerome Powell, are due throughout the week.
The market posture is negative. The slide back through last Friday’s reversal leaves trade positioned to continue attacking under 1793.0. A close under 1793.0 projects to 1773.0. Any near term rebounds will find resistance at 1818.0. A close over 1825.0 is needed to recapture bottoming / bullish trade action.