Gold up $4 on US dollar weakness
Gold has held the gains from the non-farm payrolls report but hasn't been able to add to them.
The case for gold is compelling as the Fed once again swings dovishly but if you look at episodes like Sept/Oct of 2015 when promised hikes also faded, the gains quickly dissipated afterwards and gold fell 12% in the run-up to the Dec hike.
So buying gold is a question of whether or not you expect the Fed to hike before year end.
Technically, the Monday high of $1248.83 is the level to watch along with $1250/51 which is the 50% retracement of the May decline.
