Gold spent the majority of the previous week moving sideways in a tight range above $1,800 but managed to gain traction following the disappointing August jobs report from the US on Friday.
In the absence of significant fundamental drivers, gold’s action seems to be a technical correction of last Friday’s upsurge.
In case Wall Street’s main indexes turn south following the long weekend, the greenback could find demand as a safe haven and force XAU/USD to remain on the back foot.
Meanwhile, the trading activity in gold futures points to additional gains.
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