Off Friday's Highs

Spot gold has stuck to a narrow range during Asia-Pac hours, holding just below $1,800/oz in the process, but still adding a few dollars vs. Friday's closing levels. Friday's break of technical resistance was fleeting, with Fed Chair Powell's lack of reaction to the recent moves in market pricing re: FOMC hikes, even as he sounded a little more concerned with the current inflationary pressures, headlining at the tail end of last week. This was followed up by weekend comments from U.S. Tsy Sec Yellen, who also sounded a little more concerned on the inflation front but played down worry that upward price pressures had spun out of control. Friday's high ($1,813.8/oz) now provides the initial point of resistance, with any breach there set to expose the Jul 15 high/bull trigger ($1,834.1/oz). Support comes in at the Oct 13 low ($1,758.3/oz).