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TheStreet Open House

Gold Prices Pop on Optimism From ECB's Draghi (Update1)

Stocks in this article: AUYEGOGGGLDIAUKGC

Gold prices continued to trade Thursday in a limited range, where it has remained since Fed members somewhat unexpectedly announced last week mixed sentiment as to the early expiration of its monetary stimulus.

Though U.S. import and export prices expected to print Friday could give investors a better gauge of the inflation environment, there aren't many events that could drive gold in the near-term from its current range.

"At this point, until you see gold making a decision, which is really the upper-resistance $1,800 level and the lower-resistance $1,500 level, it's in no-man's land," said Jacobs. "The smart investors are the ones who try to short when it reaches closer to $1,800, and try to buy when it goes toward $1,500."

Gold-mining stocks were mostly higher on Thursday. Shares of Yamana Gold (AUY) added 5.9%, and shares of Eldorado Gold (EGO) tacked on 4.2%.

Among volume leaders, Kinross Gold (KGC) was up 1.8%, while Goldcorp (GG) increased 4.3%.

Gold ETF SPDR Gold Trust (GLD) and iShares Gold Trust (IAU) rose 0.9% .

-- Written by Joe Deaux in New York.

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