Gold extends rebound above five-week low, key technical level

NEW YORK/LONDON (Reuters) - Gold rose on Thursday, rising quietly above the prior session's five-week low as the dollar steadied and the 200-day moving average provided short-term support below the market. Spot gold was up 0.3 percent at $1,249.17 an ounce by 3:04 p.m EDT (1904 GMT). It had added 0.3 percent in the previous session after touching a five-week low of $1,240.75 U.S. gold futures for August delivery settled up 0.3 percent at $1,249.40. Future & Option Trading Tips

"Today is strictly a bounce day. You can't say this is anything more than a consolidation in gold," said Bill O'Neill, co-founder of LOGIC Advisors, adding that a rise above $1,260 could attract technical buying and higher prices. World stock markets edged higher, buoyed by a modest rebound in oil prices after the commodity hit 10-month lows, while the U.S. yield curve managed to stall its recent flattening. [MKTS/GLOB] "The uncontrolled oil price spill in the futures markets may have seen some traders pushing the risk aversion button and buying gold," said Jeffrey Halley, senior market analyst at OANDA. Astrology and Numerology Trading Tips