NEW YORK ( TheStreet ) -- Gold prices settled higher Friday helped by physical buying and a weaker U.S. dollar. Gold for February delivery added $5.50 to settle at $1,732.20 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,734.80 and as low as $1,714.20 an ounce while the spot price was adding $13, according to Kitco's gold index. Silver prices rose 4 cents to close at $33.79 an ounce while the U.S. dollar index was down 0.61% at $78.92 on disappointing fourth quarter growth numbers in the U.S. News that Fitch downgrade the credit ratings of Spain, Italy, Belgium, Cyprus and Slovenia was not even enough to push the euro lower against the dollar.
"Support is at $1,700," says George Gero, senior vice president at RBC Capital Markets, "and resistance is at $1,775 an ounce." Despite the euphoria gold has been experiencing since the Fed's interest rate announcement, some experts are sounding warning signs. Jon Nadler, senior analyst at Kitco.com, is watching the dollar. "It didn't take a huge hit in the wake of this announcement as one would have expected it to have," says Nadler. He is also speculating that the Fed could still raise interest rates sooner than the end of 2014. "Much like the European Central Bank guessed wrong in raising