Spot gold prices are trading marginally higher Friday after posting some moderate gains during the previous day. Spot gold ended Thursday’s session $5 higher at $1767.35/oz after the US dollar eased back from a one-month high. Despite yesterday’s moderate gains, gold remains on target to record its biggest weekly drop in two months as prices continue to correct back from the Oct 4 high of $1796.50, with the market still yet to punch through the $1800 level on the upside. Prices continue to trade on a rang ebound basis, with no fresh catalyst seen in recent session to drive prices convincingly in either direction. Buyers of gold will be looking for the precious metal to hold above $1750/oz to prevent a deeper correction, with options gamma support currently defending the $1748/52 area. Spot gold prices have been tied to a narrow trading range so far this morning, after initially slipping back from an intra-day high of $1771.30/oz. Since then, gold has edged its way back higher from a session low of $1766.50 to now trade at $1770.10 a troy ounce, up $2.75 on the session.
EasyForexNews Research Team