Gold has moved within a $1.71 range on Asia,...>

GOLD: Gold has moved within a $1.71 range on Asia, last at $1268.18 with no such

recovery from the overnight where gold experienced a steep sell off after the

dollar rallied when companies reported strong earnings and the euro weakened

after the ECB meeting where European Central Bank President Draghi said bond

purchases will be halved to E30bln per month starting in January.

- MNI technical analysis sees support at $1261.4 - Bollinger band base and

resistance at $1270.7 - Hourly support Oct 6 now resistance. Bears take comfort

from a close below the 100-DMA that confirms 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 and hint at a correction back to $1291.1-1296.9 where the 55-DMA is

found.