Investors are also awaiting further developments from ongoing U.S.-China trade talks before making any big moves.
Spot gold was steady at $1,312.56 per ounce as of 0419 GMT, while U.S. gold futures were up 0.1 percent at $1,315.40.
· "Uncertainties around Brexit and trade talks and strengthening of the dollar are capping gold prices," said Brian Lan, managing director at dealer GoldSilver Central in Singapore.
"Until there is resolution to these global concerns we might see gold prices range bound between $1,305 and $1,326."
· The dollar measured against six of its peers was up 0.1 percent at 97.04, after weakening by 0.12 percent in the previous session.
Two White House negotiators will meet with Chinese President Xi Jinping later on Friday, but there has been no decision to extend a U.S. deadline for a deal by March 1, U.S. President Donald Trump's economic adviser Larry Kudlow said on Thursday.
U.S. tariffs on $200 billion worth of imports from China are scheduled to rise to 25 percent from 10 percent if the two sides don't reach a deal by then.
· "We are now in a very tight range. People are waiting for bigger (events) to move the market," said Yuichi Ikemizu, Tokyo branch manager, ICBC Standard Bank.
Weak U.S. retail sales data will be a good reason for the U.S. Federal Reserve not to raise interest rates, which is good for gold prices, he said.
Somber U.S. retail sales fanned concerns of slowing economic momentum in the world's largest economy, while an unexpected increase in the number of Americans filing claims for unemployment benefits last week and a second straight monthly decline in producer prices in January dimmed investor sentiment.
· Gold had gained 0.5 percent in the previous session, its biggest intraday gain since Jan. 30, as weak U.S. economic data increased expectations that the U.S. Federal Reserve would stick to its dovish stance on monetary policy.
· Outside of the United States, British Prime Minister Theresa May suffered another defeat on her Brexit strategy on Thursday, adding to worries that the United Kingdom is on course to leave the European Union on March 29 without a deal.
· Gold markets fell initially during the trading session on Thursday but has turned around to break back above the 20 day EMA, showing signs of resiliency yet again.
Gold markets fell slightly during the trading session on Thursday, but we ended up turning back around to show signs of life again. The candle stick is a very important shape at this point, that shows that there is real resiliency to try to go towards the $1325 level, and then perhaps even above there. After all, the gold market has been rallying every time we dip, and I think that’s going to continue to be the case. After all, there are a lot of different things out there moving the markets, not the least of which would be a softening US dollar due to a softening Federal Reserve.
Even with that being the case, we also have to worry about global growth, and of course geopolitical concerns. This will continue to drive gold higher, as people look for a bit of a safe haven way to protect their wealth. If central banks are about to continue to be very soft and perhaps even accelerate that softness, that should continue to make a bullish case for gold. Ultimately, I think the area between $1325 and the $1350 range will continue to be massive resistance. If we can finally break above that, the market should then go to the $1400 level. At this point, I look at the $1300 level as significant support and therefore short-term traders will look to continue to buy as we get closer to that region. Ultimately, I am very bullish goal but I recognize that we had gotten a bit extended so these pullbacks are simply a momentum building exercise.
· GOLD TECHNICAL ANALYSIS
Gold prices continue to tread water above a support block running through 1294.10. A daily close below invalidates the uptrend from mid-November and exposes the next layer of support at 1276.50. Alternatively, a push above resistance at 1323.60 targets the trend-defining top in the 1357.50-66.06 area.
· In other precious metals, palladium was unchanged at $1,415.00 per ounce. The metal was still on track for a second consecutive weekly gain, up about 0.7 percent so far.
Platinum fell 0.8 percent to $779.50 an ounce, while silver slipped fell 0.3 percent to $15.57, and almost 2 percent this week.
Reference: Reuters
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