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· The price of gold has tumbled lower and in the process moved back below the $1300 level. The low just reached $1288. We currently trading at $1290., down -1.16% on the day.

Looking at the daily chart, the price is below the lower trend line at $1296.50 (closer risk). The 100 day MA rising is down at $1279.40.

· Gold prices suffered strong double-digit losses and hit a three-week low today, while the silver market was hammered to a three-month low. The precious metals bulls are fading fast late this week amid a resurgent U.S. dollar index that is pushing toward its recent multi-month high. April gold futures were last down $20.6 an ounce at $1,289.80. May Comex silver was last down $0.308 at $14.99 an ounce.

· The U.S. economic data point of the day was the third and final reading on fourth-quarter gross domestic product. GDP came in at up2.2%, which was right in line with the consensus forecast and compares to the last 4Q estimate of up 2.6%. At the same time the U.S. jobless claims report came in and showed a drop in the latest week. The U.S. dollar index began its rally today right after those U.S. data releases.

· Asian and European stock indexes were mostly firmer overnight. U.S. stock indexes are mixed at midday. A bit more risk appetite in the marketplace today was also a negative for the safe-haven metals.

· The U.S. and China are holding high-level trade talks that are taking place in Beijing. The key figures were meeting for dinner Thursday evening. There is no clear consensus on the eventual outcome of the U.S.-China trade talks, which means the final result could cause volatility in markets.

· Technically, April gold futures prices closed nearer the session low and hit a three-week low today. The bulls still have the overall near-term technical advantage but are fading fast and need to show fresh power soon. A three-week-old uptrend on the daily bar chart was soundly negated today. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at this week’s high of $1,324.50. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the March low of $1,280.80. First resistance is seen at $1,300.00 and then at today’s high of $1,311.10. First support is seen at today’s low of $1,290.10 and then at $1,285.00. Wyckoff's Market Rating: 6.0

· "Gold is struggling because stock markets... are holding up reasonably well," Saxo Bank's Hansen said, adding that with the dollar drifting higher, "the trigger for a gold rally is simply not there".

· Silver edged 0.6 percent lower to $15.20 per ounce, while platinum fell 0.5 percent to $843.84.

· Palladium fell 2 percent to a six-week low on Thursday, extending the previous day's losses as concerns that an economic slowdown could dent demand helped push the metal through key technical levels after a rally to record highs.

· Spot palladium fell 2.2 percent to $1,412.81 per ounce. The autocatalyst metal marked its biggest daily percentage loss in over two years in the last session, with prices plummeting 6.3 percent as investors booked profits.

Reference: Kitco, Forex Live, CNBC