• Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as the U.S. dollar strengthened, despite no major economic data being released. The most active gold contract for March delivery fell 2.5 U.S. dollars, or 0.2 percent, to settle at 1,239.10 dollars per ounce.
• It was a light trading day and volume was extremely thin on Friday as the U.S. holiday weekend has begun.
• Besides these markets, George Gero, managing director with RBC Wealth Management, figures gold traders will be closely monitoring European political developments, a Comex options expiration and more Fed news. Technically, Melek said, key resistance levels for spot gold include a 38.2% Fibonacci retracement level around $1,250, plus the 200-day moving average around $1,262.
• A break above $1,250 should open the way toward $1,300, Afshin Nabavi, head of trading with MKS (Switzerland) S.A. said.
• Traders are looking to next week for a shortened trading week as the markets are closed on Monday for the U.S. Presidents Day holiday. The PMI marketing flash is due on Tuesday, existing home sales report and minutes from the February Federal Open Market Committee meeting are due on Wednesday, weekly jobless claims are due on Thursday, and new home sales are due on Friday.
• Silver for March delivery fell 4.4 cents, or 0.24 percent, to close at 18.03 dollars per ounce.
Reference: Xinhua, Kitco
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