• Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday on strong U.S. economic data and a stronger U.S. dollar, despite weaker U.S. equities.
• The most active gold contract for February delivery fell 10.6 U.S. dollars, or 0.87 percent, to settle at 1,201.50 dollars per ounce.
• Silver for March delivery fell 27.2 cents, or 1.57 percent, to close at 17.002 dollars per ounce. Platinum for April delivery fell 15.5 dollars, or 1.59 percent, to close at 956.40 dollars per ounce.
• Gold steadied on Thursday, giving up earlier losses as the dollar and U.S. bond yields pared gains, following earlier pressure from strong U.S. economic data and support from Federal Reserve Chair Janet Yellen for higher U.S. interest rates.
• "It looks like the dollar's rise is back on," said Georgette Boele at ABN AMRO. "If you have a higher dollar combined with higher U.S. treasury yields, that's not a good combination for gold prices."
• Investors also were looking ahead to the inauguration on Friday of President-elect Donald Trump, who has mixed promises of tax cuts and infrastructure spending with protectionist statements that have increased demand for gold as a safe haven.
• Technically, February gold futures prices closed near mid-range. Prices Tuesday hit a seven-week high. The gold bulls and bears are still on a level overall near-term technical playing field. Prices are in a four-week-old uptrend on the daily bar chart. That suggests 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 $1,225.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,175.00. First resistance is seen at today’s high of $1,206.40 and then at this week’s high of $1,118.90. First support is seen at today’s low of $1,195.40 and then at $1,187.50. Wyckoff's Market Rating: 5.0
Reference: Xinhua, Reuters, Kitco
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