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Gold watching and waiting for US jobs data

Not much has changed for gold so far today. Yesterday an update here noted the metal rising to session highs just short of $2,040 per ounce. Well, since peaking then, it has been no higher. That interim rebound high was then followed by a drop back towards 2,020 just after the 4pm London FX fix. Gold closed in the US last night at $2,028.47. It has rebounded a little from that close and prior interim low, but it is yet to break any fresh ground. The range seen so far has been covered by 2,026.57 to 2,034.08. The US monthly jobs report can deliver a move to expand on that range, if the data is sufficiently wide of current forecasts. The very close parameters look to be covered by 2,020 and 2,040, with a break either side likely to deliver an extension. The massive outside day reversal seen on Monday is still weighing on the price action and the ability of the metal to truly recapture a rising trend. Gold is currently trading at $2,027.55

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