Gold waiting on risk and the Fed?

At one point on Friday, just after the release of the US monthly jobs report, it looked like Gold could fall back to threaten the earlier Asian session low, at $2,613.67. In the event it stopped short of that and rebounded from a low at $2,624.15. However, not all of that recovery back above $2,640 was sustained into the weekly close, where gold later ended the day at $2,633.37. Overnight it has traded range covered by $2,627.60 to $2,650.60. The price action remains camped inside that noted here several times already and that is within its 50 and 100 day moving averages. As on Friday, those are still converging very slowly and in place this morning at $2,585.70 (100 day) and $2,667.75 (50 day). So, once again all the while those encompass the price action, gold can do whatever it likes within, without really shifting the dial. Meantime, risk on, or off and the Fed remain in focus as this week gets underway. Gold is currently trading at $2,644.05