Gold remained little changed on Friday, hovering near lows touched in the previous session, as the dollar stayed firm on expectations of a rate hike by the US Federal Reserve this year. Spot gold was flat at $1,338.07 an ounce by 0636 GMT. It ended down 0.6 percent at $1,338.39 on Thursday. The metal, however, was on track for a weekly gain.
US gold slipped 0.4 percent at $1,344.1 an ounce.
"The market is waiting for more cues on a US rate hike. There is a big mix of data with some being supportive and some being not," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
Spot gold may bounce moderately in a narrow range of $1,344-$1,349 per ounce, before retesting support at $1,335, as suggested by its wave pattern and a Fibonacci projection analysis, Reuters technical analyst Wang Tao said.
"For the moment it looks like gold is being squeezed into a 1330-1360 consolidation form with a slight short-term negative bias," trading firm MKS Pamp said in a note.