Gold Ticks Higher Amid Caution

NEW YORK (TheStreet) -- Gold prices were mixed Thursday as investors remained cautious and the dollar strengthened.

Gold for February delivery was slipping $1.50 to $1,135.60 an ounce at the Comex division of the New York Mercantile Exchange. Gold prices have traded as high as $1,145.60 and as low as $1,130.70. Gold was finding pressure on the back of a stronger U.S. dollar. The U.S. dollar index was rising 0.01% to $76.87.

Gold's Roller Coaster Ride

Gold prices have been on a roller coaster ride all week as the fear of global monetary tightening by China put a damper on the commodity risk trade. Investors continue to be cautious after the start of the U.S. earnings season, with tech heavy weight Intel(INTC) reporting after the bell Thursday.

"Gold's been trading mostly on technical patterns," says Jon Nadler, senior analyst at Kitco.com. "We are seeing some pretty decent buying in the area anywhere from $1,115 to $1,130. Profit-takers do seem to come into the picture [around the] $1,150-$1,160 area." Prices are expected to stay in a tight trading range held hostage by the U.S. dollar and global economic data.

Silver prices were rising 1 cent to $18.55 while copper was flat at $3.4.

Mining stocks, a more leveraged way to invest in gold, were turning lower during the session. Large cap miners, Barrick Gold(ABX) and Newmont Mining(NEM) were slightly down, trading at $40.24 and $48.22, respectively. Eldorado Gold(EGO) was flatat $14.76, after the company announced strong 2010 gold production guidance.