August Comex gold futures edged modestly higher in pre-New York action Monday, amid weakness in the U.S. dollar index. Gold prices remain within recent ranges, but are continuing to build a minor base and bottom on the daily chart. For now, the yellow metal has found a short-term equilibrium point and price action has largely stabilized.
This week gold traders will be eyeing the U.S. employment data due for release on Friday. Any signs of a strengthening U.S. economy could support views that the U.S. Federal Reserve could begin tapering monetary policy sooner rather than later. Overall, trade could be limited to fairly narrow ranges over the next several days as traders await that key data.
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