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

GOLD: Gold is lower in Asia-Pac trade, the yellow metal last down $1.45 at

$1,317.30 and 1.2% lower on the week putting it on track for the 2nd consecutive

weekly loss. Gold initially rose slightly at the start of the session, touching

a high of $1,322.81 before dropping back. Gold is pressured lower despite broad

risk off trade in Asia-Pac hours.

- Gold prices are hit by a more hawkish environment, US yields are higher across

the board - the 10-Year sector briefly touched 2.88% on Thursday - while BoE

Governor said that a rate hike could come sooner than markets think and

potentially come at a quicker pace.

- MNI technical analysis sees support at $1305.9 - Low Jan 4, resistance is seen

at $1325.6 - Hourly resistance Feb 7. he correction lower from 2018 highs

continues and has seen a dip back towards $1302.5-1305.9 where the 55-DMA is

located only to bounce aggressively which is less than ideal for bears. In

saying that, bulls still need a close above $1332.6 to ease bearish pressure and

above $1374.9 to confirm focus on $1391.8-1433.3. Bears now look for a close

below the 55-DMA to add weight the case for a test of the 200-DMA.