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Gold Prices Slip On Technicals; Markets Eye Trump Policy

Gold slipped on Wednesday in a technical correction following an 8 percent rally since mid-December that was stoked by fear about US President Donald Trump's protectionist trade policies. Spot gold prices dipped 0.3 percent to USD 1,204.80 per ounce at 0416 GMT. US gold futures slipped 0.5 percent to USD 1,204.80 per ounce.

The dollar index, which measures the greenback against a basket of currencies, fell 0.1 percent to 100.220. "Gold prices have moved higher since the beginning of the year and need some technical correction in the very short-term," said Jiang Shu, chief analyst at Shandong Gold Group.

"Generally, there would be huge volatality during the Spring Festival in China as the markets are closed for a week. Gold might test the levels of USD 1,185 during the period." Spot gold is due for a deep correction, following its failure to break a strong resistance at USD 1,219 per ounce, Reuters technical analyst Wang tao said.

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