Investors are now awaiting the U.S. jobs numbers for more signals on the strength of the economy.
Spot gold slipped 0.3 percent to $1,288.18 per ounce by 0353 GMT, after touching its lowest since Jan. 25 at $1,280.59 in the previous session. The metal was down about 0.3 percent so far this week.
U.S. gold futures were down 0.1 percent at $1,292.50 an ounce.
· "The market is expecting some positivity in the (payrolls) data today, so if it moves against expectations there might be some sharp fluctuations in the gold price," said Benjamin Lu, an analyst with Singapore-based Phillip Futures.
"There is a strong possibility that the risk appetite might get strong if economic indicators show some sort of upturn (in the economy's strength) and we might see gold prices dropping."
U.S. nonfarm payrolls data is due at 1230 GMT.
· Gold on Thursday breached its 100-day moving average around $1,282 an ounce for the first time since at least November, mainly pressured by robust U.S. data and an improvement in risk appetite.
· Asian share markets consolidated their weekly gains as Sino-U.S. talks produced a lot of headlines but no conclusions.
U.S. President Donald Trump said on Thursday the two sides were close to a trade deal that could be announced within four weeks.
· Meanwhile, holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell for a fourth consecutive session on Thursday.
Holdings were at their lowest level since Dec. 10 at 24.52 million ounces.
· Gold Price Technical Outlook: GLD Targeting Yearly Open Support
From trading standpoint, look for a reaction in price on a move towards confluence support at 1275 or 1258 – both levels of interest for possible price exhaustion.” Price registered a low at 1280 today with the decline responding to near-term confluence support at the 100-day moving average / January trendline.
Key support remains at, 1275/76, “where the objective yearly opening-range low converges on the 38.2% retracement of the 2018 advance and former pitchfork resistance.” Daily resistance steady at 1302 with a breach / close above the February trendline (bearish invalidation) needed to shift the focus back to the topside targeting 1322.
· Among other precious metals, spot platinum slid 1.4 percent to $884.95, after rising to its highest level since mid-June 2018 at $901.49 an ounce in the previous session.
The metal is up about 5 percent so far this week.
"Platinum is probably benefiting at the expense of palladium, as the market takes a view on auto-catalyst substitution," said Nicholas Frappell, global general manager at ABC Bullion.
Both platinum and palladium are primarily consumed by automakers for catalytic converter manufacturing.
Palladium was steady at $1,365.50 an ounce and on course for its second weekly fall.
Silver dipped 0.3 percent to $15.09 per ounce. The metal had fallen to its lowest level since end-December in the previous session.
Trading volumes are expected to be low as the world's largest gold consumer, China, is closed for the Tomb Sweeping Day holiday.
Reference: Reuters, Kitco
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