Carrying on from Asia the yellow metal.........>

GOLD: Carrying on from Asia the yellow metal retreated in early Europe as

traders attempted to digest the minutes of the latest Federal Reserve meeting.

- Despite a slightly dovish tone which initially helped push price higher

overnight, markets still see the rate hike in December as being highly possible.

- As the Aussie grinded higher gold followed suit and spiked to intra-day highs

of $1293.64. The move was possibly exaggerated by thin markets.

- After the spike higher in Europe gold saw mainly sideways action as price

hovered around the $1.1292.00 level.

- Later in the European afternoon the precious metal witnessed a drop to

$1289.07 before regaining its footing and recovering much of the losses. The

move appeared to be purely in gold rather than dollar related as Dxy remained

largely unchanged at 93.16.

- The next area of resistance is visible at $1293.64 (intra-day high) and

$1294.75 (Nov22 high).