Gold was sold at weekly open but is higher now
Gold fell below the 200-day moving average on Friday and then continued to fall in early Asian trading, sinking as low as $1804. It's made a nice comeback since then and is now up $10 on the day to $1838.
It's been a disappointing month for oil after a great run in December. Seasonally, there's a tailwind through February but the performance so far isn't inspiring and even with US Treasury yields retracing late last week, there was no relief in gold.
Ultimately, massive deficit spending and currency devaluation is going to be a massive tailwind for gold but no trend moves in a straight line. There isn't much on the chart screaming 'buy' at the moment and $1765 need to hold to keep the bulls interested.
