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

GOLD: Gold is higher in Asia-Pac trade, the yellow metal last up $6.53 at
$1,328.96 and 2.01% higher on the week. Gold his risen for 5 consecutive weeks
and is on track for the longest run on weekly gains since Q1 2017.
- MNI sources note that the market was supported by weaker than expected PPI
data yesterday, with focus now turning to CPI and Retail Sales data during the
sesison on Friday. The precious metal was also helped by a weaker USD after EUR
surged in the wake of a more hawkish set of ECB minutes.
- Overnight Chinese Trade Balance data showed a wider surplus driven by higher
exports but lower imports raising some questions over domestic demand.
- MNI technical analysis sees support at $1315.4 - Low Jan 11, resistance is
seen at $1326.6 - 2018 High Jan 10. Bulls take comfort in pressure returning to
recent 2018 highs and remain focused on tests of $1357.5-1374.9 where 2016 &
2017 highs are situated. O/B daily studies remain the key concern for bulls.
Initial support is noted at Thursday's low with bears now needing a close below
to ease pressure on initial resistance and below $1302.5 to shift focus back to
$1273.6-1292.3 where key DMAs are noted.

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