"We're in a bear technical pattern here, and until we really settle above that $1,620
level I wouldn't be looking to get long here," said Aurum Options Strategies' Vitiello.
Gold mining stocks were mixed on Friday. Shares of
(AU - Get Report) were shedding 2.2% to $21.85, while shares of
(RGLD - Get Report) were rising 2.2% to $68.84.
Among volume leaders,
(ABX - Get Report) was losing 1% to $26.74 a share.
SPDR Gold Trust
(GLD) was popping 0.87% to $151.60 a share, while
iShares Gold Trust
(IAU) was jumping 0.86% to $15.23 a share.
In March, net outflows in gold ETFs totaled 50 tonnes, according to a report by BNP Paribas. SPDR Gold Trust, alone, totaled outflows of 33.2 tonnes.
"Negative market sentiment towards gold continues to weigh on investor demand for the metal. The downward trend may not yet reverse in April," the report released on Friday said.
-- Written by Joe Deaux in New York.