Gold was little changed but held above last week's 10-1/2-month low on Wednesday as a retreat in the dollar from the previous session's 14-year peak prompted some buyers to hunt bargains after the metal's sharp slide from its November high. Bullion gave up earlier gains as the greenback came off session lows against a basket of six major currencies, while stocks edged down. Spot gold was down 0.06 percent at $1,131.11 an ounce, after trading as high as $1,137.12. U.S. gold futures for February delivery settled down 0.04 percent at $1,133.20 per ounce. Hefty outflows from gold-backed exchange-traded funds of late have been pressuring gold, HSBC said in a note.
On technical front, gold steadied at lows with the opening of Bollinger path widening, and its lower end showing further downside momentum. But the MACD index indicated a rebalance between market bulls and bears, suggesting uncertainty in coming sessions. The RSI index, however, pointed to oversold range, suggesting possible correction in the near term with resistance at $1,150.
Silver tracked gold, bouncing off below the key mark of $16. Spot silver was down 0.9 percent at $15.93. Technically, current prices were above the lower end of Bollinger path, while the MACD index pointed to be bearish. The white metal is expected to fall further after crossing below $15.80.
 

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