Daily Gold Update

Source: MarketWatch

New York— Gold futures fell $6.9 on Friday after a government report showed the U.S. labor market was slightly stronger than expected in November, reducing investors' interest to seek gold as an investment haven. Gold for February delivery ended the session down 0.9% at $800.2 an ounce on the New York Mercantile Exchange. Earlier it dropped more than $10 to an intraday low of $796.8. In the week, however, the precious metal was up $11.1. The U.S. economy added 94,000 nonfarm payroll jobs last month, according to a survey of business establishments, the Labor Department said in a mixed report released Friday. Economists surveyed by MarketWatch were expecting growth of 85,000.

Gold "is definitely continuing its period of consolidation," said Zachary Oxman, a senior trader at Wisdom Financial. "Resistance at $815 and support around $785 seem to be holding strong here as the market continues to tighten up…. Technically, I believe you'll see the market continue to consolidate and then break up higher once the $815 resistance is broken on the upside," Oxman said. See full story.