GOLD REPORT

"With investor risk appetite showing a slight improvement and having posted aggressive gains last week, it comes as no surprise to see the metal correct," said James Moore, an analyst at TheBullionDesk.com.
He cast the current trading backdrop for gold in favorable terms.
"To avoid a deeper correction, gold needs to establish a base above the $953-$955 chart level, but given the backdrop of rising inflation and recessionary pressures and increased financial market jitters, we anticipate investors will view dips favorably, with the metal ultimately set to rechallenge $1,000," Moore said in a note.