- Gold seesaws inside a choppy range after four-day uptrend.
- Risk appetite improves despite mixed covid headlines and indecision over Fed's action.
- US traders return after a long weekend may cheer upbeat data, inflation risk can't be downplayed.
Gold continued scaling higher through the first half of the European session and shot to near three-week tops, around the $1,809 region in the last hour.
With the US markets' extended weekend restricting clues to stretch Friday's optimism, post US jobs report, gold traders await initial full market reactions to the latest catalysts to keep the gold buyers hopeful. On a different page, OPEC+'s indecision over the crude output cut leads to sustained restrictions ahead of the next meeting, which in turn lends indirect support to the gold prices.
Following that, $1,773 and the $1,773 levels may entertain short-term sellers ahead of directing them to June's low around $1,750.
Meanwhile, an upside clearance of the $1,795 immediate hurdle will need validation from the $1,800 threshold before directing the bulls toward the level near $1,845.
It's worth noting that a horizontal line comprising multiple levels marked during June 10-15 around $1,870 could probe gold buyers past $1,844. Overall, gold bulls are flexing muscles but need strong support for conviction.
