Gold is down slightly in Asia-Pac, the.........>

GOLD: Gold is down slightly in Asia-Pac, the yellow metal last down $1.11 at

$1,287.04. Gold moved within a range on Thursday, and was fairly subdued despite

the US political goings on with the rumoured resignation of economic adviser

Cohn (later confirmed to be false) and the terrorist attack in Barcelona. Gold

moved between $1,280 and $1,290 on Thursday and has shown no sign of breaking

out during Asia despite broad declines in equity markets and slight extension in

the decline in the USD.

- Gold did initially drift higher in Asia, some attributing this to continued

tensions between India and China over a Himalyan territory, but this proved

shortlived and gold has sluggishly drifted lower in the session.

- At these levels gold seems to have little impetus to break higher hovering

just below the highest level since November 2016 ($1,294.39).

- MNI technical analysis sees support at $1281.1 low Aug 17, resistance is seen

at $1292.0 high Aug 11.