The major geopolitical shock over the weekend has put a safe-haven bid into the gold market. The technical posture has started to turn more bullish for the yellow metal, but a price downtrend remains in place on the daily bar chart. Friday’s bullish “outside day” up and then Monday’s gap-higher move on the daily chart are bullish near-term technical clues that begin to suggest the gold market has bottomed out. Fundamentally, if the Middle East situation deteriorates further, which is likely, then look for gold prices to continue to rally on safe-haven buying. Stay tuned! Jim Wyckoff