Gold Near Steady in Choppy Trading

Source:

"bulls and bears do short-term battle with neither gaining much headway."

Comex gold futures are trading near unchanged price levels Wednesday morning, in back-and-forth dealings as the bulls and bears do short-term battle with neither gaining much headway. August gold last traded down $1.70 at $1,240.70. A stabilizing stock market has eased some investor anxiety, which has taken away some of the safe-haven buying interest for gold.

However, the overall technical posture of the gold market remains fully in favor of the bulls, which is limiting selling interest. Traders are now awaiting Friday morning's key U.S. jobs report, which is expected to show a decline of around 100,000 in non-farm payrolls.

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