• Gold is up sharply on the day, +2%, marking its biggest one-day gain since July 2

• The move looks like catch-up to the improvement in risk sentiment, alongside the recent pullback in U.S. yields

• Even so, the broader setup remains contained, with a well-defined $3960-4200 range still holding

• Barring a clean break above $4200, gold likely remains stuck in the same range-bound trade

• Near-term event risk sits with U.S. ADP and ISM services, though payrolls will be the real driver for the next leg

• For now, there are still no clear signs that a range break is imminent
gold daily chart


Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))