Gold edged higher on Friday after losing more than 1 percent in the prior session, but was on track for its biggest weekly decline since March as a firmer U.S. dollar cut the metal's draw.
The greenback got a boost overnight after Boston Federal Reserve President Eric Rosengren said the Fed should raise interest rates if data confirms a stronger jobs market and inflation outlook in the second quarter.
Gold prices ended the U.S. day session modestly lower Thursday. Prices briefly popped above unchanged in morning trading following a significantly downbeat U.S. jobless claims report, but the yellow metal saw those gains eroded quickly. Trading in the gold market has turned choppier, but the bulls are maintaining their firm overall near-term technical advantage. June Comex gold futures were last down $3.60 an ounce at $1,271.90. July Comex silver was last down $0.209 at $17.11 an ounce.
Technically, June gold futures prices closed nearer the session low as trading remains choppy. The gold bulls still have the firm overall near-term technical advantage. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the May of $1,306.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at 1,250.00. First resistance is seen at today’s high of $1,282.50 and then at 1,287.60. First support is seen at today’s low of $1,266.80 and then at this week’s low of $1,258.50. Wyckoff’s Market Rating: 7.0
Underlining optimism towards bullion, holdings of SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, stood at 27.17 million ounces on Thursday, the highest since November 2013.
Reference: Reuters, Kitco
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