Gold inched lower on Monday, decreasing the price of yellow metal to less than $1350.00 an ounce after some key economic releases. The technical bias remains bullish because of a higher high in the ongoing upside move. XAU/USD Technical Analysis As of this writing, the precious metal is being traded near $1331.46 an ounce. A hurdle can be noted near $1365, a key psychological level ahead of $1373, the high of the last major upside rally on the daily chart and then $1400, the psychological level. A break and daily closing above the $1400 level shall trigger renewed buying interest, validating a rally towards the $1440 resistance zone. On the downside, a support may be noted around $1311, an immediate horizontal support ahead of $1300, the psychological level as well as another key horizontal support area and then $1250, a major psychological number. The technical bias shall remain bullish as long as the $1200 support area is intact. US Payrolls Report The ADP national employment report showed private sector employment rose by 234,000 jobs in January, beating economists’ expectations for an increase of only 185,000. December’s payrolls count was revised down to 242,000 from 250,000. Manufacturing added 12,000 jobs last month and construction payrolls increased 9,000 despite bitterly cold temperatures in many parts of the country. There were also widespread job gains in the private services sector. The ADP report is jointly produced with Moody’s Analytics. It, however, has a poor record predicting the private payrolls component of the government’ more comprehensive employment report. The Department of Labor will publish January’s employment report on Friday. Trade Idea Considering the overall technical and fundamental outlook, selling the precious metal around current levels appears to be a good strategy in short to medium term.