• Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the U.S. dollar and U.S. equities weakened.
The most active gold contract for February delivery rose 3.2 U.S. dollars, or 0.27 percent, to settle at 1,199.80dollars per ounce.
• Silver for March delivery fell 0.3 cents, or 0.02 percent, to close at 16.825 dollars per ounce.
• Gold slipped early on Friday after hitting a seven-week high in the previous session as the dollar edged up, but the yellow metal was on track to end higher for a third straight week.
Spot gold XAU= eased 0.1 percent to $1,193.38 per ounce by 0041 GMT. Bullion on Thursday touched a high of $1,206.98, its best since Nov. 23.
• Technically, February gold futures prices closed near mid-range today and hit a six-week high. The gold bears still have the overall near-term technical advantage. However, prices are in a three-week-old uptrend and there are chart clues that a market bottom is in place, and which also suggest prices can continue to trend sideways to higher in the near term. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,236.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,165.00. First resistance is seen at today’s high of $1,207.20 and then at $1,215.00. First support is seen at today’s low of $1,190.70 and then at $1,177.00. Wyckoff's Market Rating: 4.0
• Traders are waiting for the release of the U.S. producer price index, and retail sales report on Friday.
Reference: Xinhua, Reuters,Kitco
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