Gold down from 7-week high on dollar strength

by - 10:36 am

Gold fell on Friday after hitting a seven-week high in the previous session as the dollar edged up and a technical correction set in, but the yellow metal was still on track to end higher for a third straight week.


Spot gold fell 0.4 %to $1,191.39 per ounce by 0256 GMT. Bullion on Thursday touched a high of $1,206.98, its best since Nov. 23."Spot gold faces a strong resistance zone of $1,205-$1,210 per ounce, and may retrace steps back towards support at $1,172, according to Reuters technical analyst Wang Tao.

 

U.S. gold futures fell 0.7 % to $1,191.50 per ounce.

"Currently we see that gold is over-bought and needs some technical correction," said Jiang Shu, chief analyst at Shandong Gold Group.

 

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