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Gold edged higher on Friday despite a rebound in stocks, underscoring support for the safe-haven asset from bullish technicals and money flows into exchange traded funds.

Gold prices have developed a bullish technical formation called the 'golden cross,' where the 50-day moving average goes above the 200-day moving average.

This is the first such occurrence in nearly two years and would be a bullish buy signal for technical traders and momentum-driven investors.

Bullion was up only modestly for the week, that would mark its fifth weekly gain in six.

"The general economic situation is giving support to the gold market. I won't be surprised if we make new highs," said a bullion trader in Hong Kong.

Reference: Reuters, ETF.com