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GOLD: Gold has lost around $2.34 on the Asia session from Friday's highs, the
precious metal was last at $1271.60. Gold rallied on Friday amid speculation
U.S. President Trump was leaning towards Jerome Powell for Fed chair, Powell in
the past has expressed his support for current Chair Janet Yellen's stance on
interest rates and is considered 'dovish.' Gold was also supported by the
tension in Spain, Carles Puigdemont the Catalonian leader was dismissed after
formally declaring independence. The markets also await the FOMC meeting this
- MNI Technical analysis sees support at $1261.3 - Bollinger band base and
resistance at $1275.1 - 100-DMA. Bears take comfort from a close below the
100-DMA that confirmed focus on $1243.8-1260.6 where the 200-DMA and channel
base are situated. Bears now need a close below $1243.8 to shift focus to
$1194.9-1204.9 where July lows are noted. Layers of resistance are weighing with
bulls now needing a close above $1283.7 to ease bearish pressure & initially
correct back to $1291.1-1297.0 where the 55-DMA is found.
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