Gold supported by weak data points

Gold futures rose modestly in the early part of Friday’s Asian session after some concerning U.S. economic data points sent traders looking for safe-haven plays.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.08% to USD1,579.90 per troy ounce in Asian trading Friday. Gold settled up 0.08% at USD1,579.20 a troy ounce in U.S. trading Thursday.

Gold futures were likely to test support USD1,546.35 a troy ounce, the low from June 1, 2012, and resistance at USD1,618.70, Monday's high.

Just days after traders were fretting about the Federal Reserve possibly winding down or bringing an end to its USD85 billion per month bond-buying program, data points show the central bank may not be able to halt quantitative easing anytime soon. Continue Reading....