Gold Prices Could Fall from Highs

NEW YORK (TheStreet ) -- Gold prices retreated from their highs as the U.S. dollar index remained volatile.

Gold delivery for December was rising 50 cents to $1,106.10 an ounce at the Comex division of the New York Mercantile Exchange. Gold prices have traded as low as $1,101.20 and $1,110.90.

Silver prices were slipping 9 cents to $17.17 while copper was relatively unchanged at $2.95.

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Gold prices hit a new high on Thursday of $1,123.40 an ounce, but then came under pressure as the precious metal continued to trade in opposition to the U.S. dollar. The U.S. dollar index was currently slipping .27% to $75.49 holding above the critical $74 area.

Many analysts expect gold to pullback even as prices build support around $1,100. "Everything that I've looked at over the years indicates that gold has pretty much exhausted itself", argues David Morgan, founder of Silver-Investor.com. "It's acting a little bit unusual...[but all] other indicators are saying this is pretty much it for a while. Longer term is gold going to hit $1,200? Yes; $1,300? Yes; $1,500? Yes. But this $1,100ish level is probably it for a while. I think we are going to get a pullback [in gold prices]."

In mining stocks, Barrick Gold(ABX Quote) was trading at $41.87 while Newmont Mining(NEM Quote) was flat at $49.64.

Shares of Eldorado Gold(EGO Quote) were trading at $12.93 after TheStreet's rating team rated the stock a "buy ". Eldorado Gold is unhedged and has an operating cash cost of $300 an ounce giving the company significant profit margins and big upside for investors looking to invest in gold .