LONDON, Aug 27 (Reuters) - Gold firmed in Europe on Friday as equities fell amid concerns over the outlook for the global economy, with investors awaiting data on U.S. growth and a key speech from Federal Reserve chair Ben Bernanke later in the day. A raft of soft U.S. economic data released lately has undermined confidence in the country's recovery, prompting investors to buy gold as a haven from risk and from volatility in other asset classes. This lifted gold to a two-month high of $1,244 an ounce on Thursday. While it later retreated from this level after well-received U.S. jobs data, it remains poised for further gains, analysts said. "Gold continues to press against the $1,242/45 barrier," said Barclays Capital in a note. "With seasonality working in its favour and precious metals generally pushing higher, we are hopeful that the barrier will soon give way (on a closing basis) and gold revisit its all-time high ahead of further gains to $1,300 later in the year." "Our main fear is sentiment is already becoming elevated and may cause price to close back below $1,232 creating a divergence signal and putting off the rally until next month. However, we will stay bullish while price stays above $1,210," it added. PRICES * Spot gold XAU= was at $1,236.25 an ounce at 0636 GMT compared with $1,234.94 late in New York on Thursday. * Silver XAG= was at $18.97 from $18.90. * Platinum XPT= at $1,532.50 from $1,525. * Palladium XPD= at $501 from $497.63. DATA/EVENTS * U.S. Q2 second estimate of GDP, 1230 GMT. * U.S. preliminary Q2 corporate profits, 1230 GMT. * U.S. Thomson Reuters/Univ of Michigan final August consumer sentiment survey, 1355 GMT. * U.S. Federal Reserve chairman Ben Bernanke speaks on "The Economic Outlook and the Federal Reserve's Policy Response" before the Federal Reserve Bank of Kansas City Economic Symposium, 1400 GMT. * U.S. Economic Cycle Research Institute (ECRI) releases weekly index of economic activity for Aug. 20, 1430 GMT. * European Central Bank President, Jean-Claude Trichet speaks before the Federal Reserve Bank of Kansas City Economic Symposium, 1860 GMT. [ECI/US] [ECI/EURO] [ECI/GB] [M/DIARY] [MTL/DIARY] MARKET NEWS * The dollar was little changed versus the euro but rose against the yen on Friday, trimming earlier losses due to wariness on possible measures from Japanese authorities to stem the yen's rise. [FRX/] * Oil snapped a two-day rally on Friday and was heading for a third straight week of losses as a forecast downgrade in U.S. economic growth fed disquiet over record oil inventories and weak housing and manufacturing data. [O/R] * Asian stocks fell to round off a week of losses as persistent worries over whether the U.S. economy may suffer another recession kept investors dour. [MKTS/GLOB] * European shares were set to open lower after rising in the previous session, tracking falls on Wall Street, as investors await U.S. GDP data and a key speech by Federal Reserve Chairman Ben Bernanke. [.EU] FUNDAMENTALS * The world's largest silver-backed exchange-traded fund, the iShares Silver Trust (SLV), said its holdings rose to 9,196.69 tonnes by Aug. 26 from 9,175.38 tonnes. [ID:nTOE67Q02O] TECHNICALS * Gold support at $1,221, resistance at $1,245, 14-day RSI at 69.5. * Silver support at $18.70, resistance at $19.17, 14-day RSI at 71.7. * Platinum support at $1,520, resistance at $1,538, 14-day RSI at 66.6. For related news and prices, click on the codes in brackets: Spot gold/silver XAU= XAG= Platinum/palladium XPT=XPD= Gold lease rates LGLR Comex gold futures <0#GC:> Europe/Asia prices CBOT 100 oz gold futures <0#ZG:> RELATED NEWS AND OTHER TOPICS Precious metals news [GOL] All metals news [MTL] Metals summary [GLANCE/MTL] Index of summaries [GLANCE/] All commodities news [C] Metals diary [MTL/DIARY] Ldn Bullion Mkt Assoc LBMA01 Foreign exchange rates FX=S SPEED GUIDES COMMODS PRECIOUS1 REUTERS (Reporting by Jan Harvey; Editing by Alison Birrane)

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