* Gold seen rangebound in short term
* Gold may revisit $1,352.3 - technicals []
(Adds details, comments; updates prices)
By Rujun Shen
SINGAPORE, Jan 10 (Reuters) - Spot gold edged higher on
Monday, after losing 3.5 percent in the first week of 2011, as
fears over the euro zone debt crisis buoyed appetite for
bullion, and bargain hunting in the physical market provided
support.
Spot gold edged up 0.4 percent to $1,373.99 an
ounce by 0347 GMT. U.S. gold futures also gained 0.4
percent to $1,374.2.
"For the immediate short term, gold is likely to be
rangebound. Today's support is $1,360," said Ong Yi Ling, an
analyst at Phillip Futures.
"If we see gold hold above that level, and if economic
data such as this week's retail sales figure, turns out worse
than expected, perhaps we could see the gold rally continue."
For a lineup of key economic data, click []
Last Friday's U.S. non-farm payrolls data turned out not
as strong as expected and a surprisingly large number of
people gave up searching for work, tempering the positive news
of a big drop in the unemployment rate. []
Spot gold may revisit Friday's low at $1,352.30 per
ounce before developing a second round of rebound towards
$1,388, said Wang Tao, a Reuters market analyst. []
For a 24-hour gold technical outlook:
http://graphics.thomsonreuters.com/WT/20111001085048.jpg
The dollar index held steady after rising to its
highest level since Dec 1, as fears over sovereign debt crisis
in the euro zone kept the single currency tethered to
four-month lows against the dollar.
"From here things are mixed. For the short term, the range
remains between $1,350 and $1,380. If the market goes beyond
$1,390, we can see gold trend higher again," said a Hong
Kong-based dealer.
Active demand on the physical market continued to buoy
sentiment.
"Supply is a little tight on the physical market.
Shipments are heading to Asia, as there's good demand here,"
said a second Hong Kong-based dealer. "We've tested $1,350,
and are probably looking at a rebound soon. $1,350 remains a
very good support level."
Holdings in the world's largest gold-backed
exchange-traded fund, SPDR Gold Trust , continued to
slide, falling about 1.5 tonnes to a seven-month low of
1,271.164 tonnes by Jan 7.
China's gold output is expected to have exceeded a record
high of 340 tonnes in 2010, as gold prices hit a series of
all-time highs. []
Precious metals prices 0347 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1373.99 5.19 +0.38 -3.20
Spot Silver 28.95 0.26 +0.91 -6.19
Spot Platinum 1743.74 12.74 +0.74 -1.34
Spot Palladium 759.72 11.22 +1.50 -4.98
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