Bullion continued with its downward path.......>

GOLD: Bullion continued with its downward path declining from $1249.74 to

intra-day lows of $1245.37 before a slight rebound in early NY. As progress on

on US tax reform increased optimism about the US economy and the Senate passed a

temporary spending bill to fund the government till Dec 22 the dollar was given

a boost pushing the yellow metal lower.

- Gold's recovery effort from lows of $1245.37 was thwarted near the $1248.07

(61.8% fib $1249.74-1245.37) level initially as attention turned to the US

Employment Report.

- The precious metal whiplashed to session highs of $1250.06 before dropping

to $1244.11 as market reacted to the lower than forecast average hourly earnings

coming in at 0.2% vs forecast 0.3% and the release of stronger-than-expected US

Nonfarm Payrolls (228k).

- Looking at a slightly longer term picture it is worth noting that there is

support at the $1240.94 region (76.4% $1204.90-$1357.61).