Gold is lower in Asia-Pac on Thursday,.........>

GOLD: Gold is lower in Asia-Pac on Thursday, having declined marginally on

Wednesday the yellow metal took a tumble during Asia and dropped from $1,307.88

to $1,298.38. Sources note that a large seller cropped up and sold around

$1.1bln notional shortly after the open in Asia.

- Sources tell MNI that the market was positioned for a drop after the recent

run up in gold from around $1,215 in early July. The USD strengthened yesterday

after US Q2 GDP was revised up at the fastest pace in 2-Years and a strong ADP

reading.

- Strong data from the Asia region also put downward pressure on gold in the

form of strong China PMI data and strong Australian Capex data.

- The downward move in gold was also spurred by US President Trump's fairly

measured response to the most recent provocations from North Korea. However the

situation is still unsettled and is likely to support gold going forward.

- MNI technical analysis sees support at $1295.5 - Hourly support Aug 28,

resistance is seen at $1304.8 - Low Aug 30 now resistance.