Gold nudging cautiously higher this morning

There is no doubting the price action in Gold was pretty treacherous at times last week. The metal traded a range covered by $2,370.92 to $2,531.75. The top of that range last week defined a new record high for the metal. Gold closed in the US on Friday at $2,512.59 and that was a new all time record weekly close too, but actually only some $4 above where it had closed the week before. The comments from the Fed boss on Friday helped to deliver that record close, but perhaps it has not advanced as much as some Gold bugs might have hoped, given the immediate backdrop? The inverse correlation between the USD/JPY and Gold is largely intact still and Gold traders will be keeping a very close eye on that dollar pair again this week for sure. The metal has been edging higher this morning and so far reached a high at $2,517.75 just a moment ago