Gold was down on Monday morning in Asia, but remained below a two-and-a-half-month high. A disappointing U.S. jobs report indicated that the U.S. Federal Reserve could delay its asset tapering timeline, giving the yellow metal a boost.
The market shows short term peaking action, driving initial topping selloffs to test 1803.0 retracement support. A close under 1803.0 alerts for a larger top/downturn and projects selloffs to 1773.0 - 1771.0. Trade may try to bounce off 1803.0 and consolidate declines inside Friday’s range.