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Gold is higher in Asia-Pac trade on Tuesday,...>

GOLD
GOLD: Gold is higher in Asia-Pac trade on Tuesday, building on gains from
Monday. After seeing steady trade early in the session a wave of risk off trade
which pushed Dow futures down to lows of 23,120 and saw gold rise to session
highs of $1,346.21. The yellow metal last trades up $5.30 at $1,344.97.
- The rise in gold still does not retrace the loss on Friday after strong NFP
data saw a $20/oz sell off. The equity market sell off, the worst in the Dow
since 2011, has not translated to a huge upside move in gold. Some MNI sources
say they expect the sell off to continue, which could result in a more
pronounced upward move in gold over the next few sessions.
- Gold also got some support ahead of Lunar New Year which begins mid-February. 
- MNI technical analysis sees support at $1335.8 - Hourly support Feb 6,
resistance is seen at $1352.3 - High Jan 29. Bulls need a close above $1352.3 to
regain the upper hand and above $1374.9 to confirm focus on $1391.8-1433.3.
Layers of support are starting to build with bears now needing a close below
$1323.7 to reconfirm focus on $1302.5-1305.6.

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