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Free AccessGold is lower in Asia-Pac trade on.............>
GOLD: Gold is lower in Asia-Pac trade on Wednesday, yellow metal last down $4.90
at $1,312.70 in risk on trade in Asia, but still almost $10/oz higher than the
open yesterday after strong gains on Tuesday. The rise yesterday took precious
metals winning streak to 8 consecutive sessions, longest run since 2014.
- The downside comes as the US dollar pauses its decline, DXY bounced slightly
in Asia-Pac trade on Wednesday last up 0.041 at 91.913 after falling 2.5% from
the highs in December. MNI sources note that the gold rally looks slightly over
extended, the 14-day RSI hit 75 yesterday, above the 70 level that suggests
overbought conditions. The RSI has dipped back to 70.6193 today. The last time
the RSI rose above 70 saw prices drop some $96 from around $1,357.
- MNI technical analysis sees support at $1310.0 Hourly support Jan 2,
resistance at $1321.3 Hourly resistance Jan 3. The recovery from Dec lows has
resulted in closes above the 55-DMA and bear channel top & a pop above $1320.0
in Asia today. O/B daily studies & the Bollinger top ($1314.4) are concerns for
bulls. Bears now need a close below Tuesday's low to ease pressure on resistance
layers & below the 100-DMA ($1287.7) to hint at a deeper correction.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.