Bengaluru — Gold fell on Friday after hitting a seven-week high in the previous session as the dollar edged up and a technical correction set in, but the yellow metal was still on track to end higher for a third consecutive week.Spot gold fell 0.4% to $1,191.39/oz by 2.56am GMT. Bullion on Thursday touched a high of $1,206.98, its best since November 23. US gold futures fell 0.7% to $1,191.50/oz."Currently we see that gold is overbought and needs some technical correction," said Jiang Shu, chief analyst at Shandong Gold Group.The medium term for gold prices was fairly positive, he said, until the expectation for a US interest rate hike in March kicked in. "For a short term, prices may fall towards $1,170, and then climb up above $1,210 and with the approach of the US Federal Reserve’s March conference, prices may go down again." Spot gold faced a strong resistance zone of $1,205/oz-$1,210/oz, and could retrace steps back towards support at $1,172, said Reuters technical analyst Wang...
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