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

GOLD: Gold is lower in Asia-Pac trade, the yellow metal last down $0.52 at

$1,280.09. It has been a quiet Asia-Pac session in terms of news flow, volumes

are thin ahead of the Thanksgiving Holiday and markets will focus on the release

of the FOMC minutes at 1900GMT on Wednesday.

- Gold initially rose at the start of the Asia session after some comments from

Fed Chair Yellen. Yellen adopted a mildly dovish tone and said that there was a

risk of getting stuck with below target inflation and that she expected

inflation to move up over the next year or two but this outlook was uncertain.

Yellen also emphasised the need for gradual hikes.

- The move higher was reversed as the Asia session progressed and gold heads

into Europe just off session lows, but off session lows around $1,276.32 hit

yesterday.

- MNI technical analysis sees support at $1274.9 - Low Nov 20, resistance is

seen at $1284.8 - High Nov 21. Bulls failed to capitalise on Friday's close

above the 55-DMA ($1289.4) with focus back on the daily bull channel base

($1258.66) and 200-DMA.