David Fuller's view Gold's recovery (weekly & daily) since its low on 29th December has been impressive but it is also somewhat overextended as you can see clearly on the daily chart. Following a persistent recovery, traders understandably become wary as former highs are approached. Today's downward dynamic in the form of a key day reversal indicates that some are now standing aside. Downside follow through on Monday would suggest that an overdue reaction has commenced, rather than just the first shot across the bows of a trend that is beginning to lose momentum. Either way, short-term risks have increased following strong gains. However, if gold can retain at least half of its recent gains during a pullback and consolidation, and remain above the MA, we will most likely see a further look at $1800 in the next month or two.