Gold Update

Spot gold holds at $665.80/oz, after trading in a $663.13/$669.70 range.

Traders would like to see the precious metal break above $670 and retest Wed's highs at $671.50 and potentially revisit the July highsat $676.

Gold stalled at $670.60 Thursday and closed at $669.25. Furtherpairing back of long positions may be seen ahead of the long weekend ifthe greenback mounts any further gains.

With US markets shut Monday and Chinese players out next week for New Year celebrations we may see profit taking/book squaring drag gold lower across the day.

Chart lines support at $661 and below at $656, coupled with the picture of firm oil, dollar dissatisfaction, low mine output & geo-political tensions should keep gold underpinned.