Gold prices were largely unchanged on Friday as the dollar steadied ahead of key U.S. economic data, but the metal remained on course for its first weekly gain in three. Most of the downside in gold this morning was largely due to profit-taking, but more importantly, market sentiment is still on the rosy side and in a more positive environment. Spot gold was nearly flat at $1,216.58 per ounce at 0403 GMT, but is up 0.3 percent for the week so far.

U.S. gold futures for August delivery fell 0.14 percent to $1,215.60 per ounce. I'm still bearish on my gold forecasts, but I think there are still some upside risks in the short-term, simply because there's still some uncertainty on the horizon.

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