Gold Unchanged Amid Softer US Dollar

On Friday, gold prices are trading unchanged in early US trading session. The softer US dollar index is being balanced by a drop in crude oil prices to a five-week low overnight. US bond yields have risen a bit late this week, which leans slightly bearish for the safe-haven metals.

Precious metals traders are looking for a spark of news to trigger some bigger price movements. December gold was last up $0.40 at $1,763.40 before sliding to $1757.34 per ounce at the time of writing and December silver was up $0.22 at $21.195.

The Relative Strength Index (RSI) indicator on the daily chart retreated after climbing above 70 earlier in the week, suggesting that the latest decline is a technical correction rather than the beginning of a bearish trend.

On the upside direction, $1,780 (Fibonacci 38.2% retracement of the March-November downtrend) aligns as initial resistance. With a daily close above that level, XAUUSD is likely to face strong resistance at $1,800 (200-day SMA) before targeting $1,830 (Fibonacci 50% retracement).