SINGAPORE (Commodity Online): Gold prices moved down sharply in the Asian trade Monday from its ever time high of $1230 per ounce due to the smart spurt of US dollar against major currencies. COMEX futures were under $1160 an ounce in Asia today, after $1200 gave away in a trance post the US non-farm data. US dollar bounced back following the report of better jobs data in US. COMEX Gold is down $10.60 an ounce to $1158 an ounce. In foreign exchange markets, the U.S. dollar was taking a breather after rising on Friday's stronger-than-expected jobs data. Domestic gold futures are also traded in line with weak global sentiments. On MCX, the February Gold futures tested a low of Rs 17428 per 10 grams and currently trade at Rs 17455, down Rs 129 from previous close or 0.73% from previous close with 0.83% drop in the open interest, indicating a continued profit selling. Trade sitting at the comfort of home. Start with a mere 50$ Asian stock markets were mixed Monday despite a stronger cue from Wall Street, as resources stocks fell across the region although Japanese exporters rallied after the yen's losses Friday. We may expect COMEX futures to rebound from $1155 an ounce and crawl back though the momentum remains bearish. MCX futures may also follow the same pattern and a further slide from hereon would see the February contract finding a support at Rs 17425-30. A break above Rs 17500 should account for a certain intraday buy. The three month mirror channel support line comes in at 1143$ followed by last week’s post Dubai sell off low of 1138$. The weekly chart is ending down after four up sessions. This week’s pattern appears as an "inverted hammer" having reached a fresh record high or 1226.50. Friday’s price action can only be viewed as bearish with risk to a deeper correction.

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