Gold is expected to continue bullish trend on London session open due to bad PMI data.
Bad PMI data is indicating reduced demand and reduced manufacturing outcome.
Investors take it as an economical indicator leading to recessionary period.
I am expecting the trend to continue until Powell speaks on Wednesday and give us direction where the monetary policy will be leading to in 2023.
I am also expecting high inflation readings on Friday report after a spending spree during holiday season and it will be reflected in this month's inflation report.
High inflation will leave the Feds with no choice other than continue raising interest rates, and the decision will be enough catalyst to change the trend to Bearish.