Gold prices surrendered gains as USD strengthened after the data in the US showed a sharp rise in the durable goods orders in January. Prices neared hourly 100-MA located at $1224.30 levels. The data in the US showed orders for all durable goods rose 4.9%, bettering the estimated rise of 2.5% following Dec’s 5% drop. Consequently, the USD index erased losses to trade moderately positive on the day around 97.60 levels. Gold thus felt the heat of a strong USD and surrendered gains. Prices fell from $1235 levels to hourly 100-MA support. A minor rise in the weekly jobless claims went unnoticed as markets cheered durable goods figure. The metal currently trades around $1226.50/Oz. The immediate support is seen at $1224.30 (hourly 100-MA), under which prices could drop to 1212 (23.6% of Dec low-Feb high). On the other hand, a break above 1240 (Feb 18 high) would expose the latest cyclical high 1263.