Gold Update

Spot gold holds at $656.00/oz, on the low side of the day's range of $655.60 to $664.20.

The precious metal topped out Thursday just over $666 - near the March 2 breakdown high at $665.50.

Earlier in the week, players maintained that while a close over $660 was promising, a close over the March 2 would be needed for upward momentum to mount.

Market players, while paring back positions ahead of the weekend due to gold's inability to rally further, will likely buy any major dips, with an eye on a retest of the Feb highs near $689.