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Gold is lower in Asia-Pac trade, the risk on...>

GOLD
GOLD: Gold is lower in Asia-Pac trade, the risk on rally seen in the US carrying
over to Asia and hurting the yellow metal. Gold last trades down $5.97 at
$1,276.18. Positive sentiment is supporting risk on assets to the detriment of
safe havens as the US/North Korea tensions abate with the latest development
seeing North Korean leader Kim Jong Un saying they will not launch a missile
attack on Guam as threatened. This followed earlier comments from US Def. Sec
Mattis and Sec. State Tillerson that downplayed the chances of war with North
Korea.
- Gold dropped to the lowest level since August 9 early in the session, hitting
$1,272.92 as markets increased their appetite for risk, with a rise in USD also
contributing to the downside with DXY recovering to 93.541 from lows of 92.934
on Friday.
- The decline is gold is limited by lower expectations of a rate hike after weak
CPI data on Friday. 
- MNI technical analysis sees support at $1270.0 hourly support Aug 9,
resistance is seen at 1277.7 hourly support Aug 10 now resistance. 

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