Gold trades above $1,800 but the technical picture is still not convincing of any major rebound just yet
Gold buyers showed that they still have some fight left in them on Friday, pushing price back above $1,800 and defending the figure level into the close.
And as we start the new week, price is holding above that but overall price action remains unconvincing as the near-term bias stays more bearish for now.
As much as gold buyers were able to stem the bleeding in the earlier stages of last week, they have more work to do in order to tilt things back into their favour - at least from a technical perspective - this week.
The 100-hour moving average @ $1,821 is the first key level to watch and buyers need to break back above that to turn the near-term bias more neutral.
Otherwise, gold is still pretty much caught in between that and support from the psychological level of $1,800 again for the time being.
As such, gold may be somewhat supported just above $1,800 for now but there is not much to suggest a quick return to the upside as buyers are lacking conviction.
Looking at positioning data, Gold ETFs are keeping more tepid with SPDR holdings (biggest gold ETF) not really budging at around 37.2 million troy ounces:
