Gold is higher in Asia-Pac trade, the yellow...>

GOLD: Gold is higher in Asia-Pac trade, the yellow metal last up $2.36 at

$1,244.39. Gold moved lower on Monday, dropping from around $1,251.50 to lows of

$1,240.81. The decline on Monday was the third consecutive day of losses and

came as US stocks hit record highs in anticipation of an FOMC hike at their

meeting this week.

- MNI technical analysis sees support at $1227.8 - Low July 17, resistance is

seen at $1243.4 - Low July 26. Pressure on $1243.4 has taken its toll with a

likely close below shifting initial focus to $1180.6-1210.5 where the bear

channel base and monthly lows are situated. O/S studies and Bollinger base

($1246.0) are key concerns for bears. Bulls now look for a close above $1252.4

to ease immediate bearish pressure and above $1269.9 to shift focus back to

$1276.4-1287.2 where DMAs and bear channel top are noted.