Gold is lower in Asia-Pac trade to start the...>

GOLD: Gold is lower in Asia-Pac trade to start the week, the yellow metal last

down $2.51 at $1,317.68. Gold is being hit by risk on sentiment and is around

$16.50/oz lower than highs hit in early trade on Friday as US stocks made their

way to new record highs with the S&P500 closing above 2,500 for the first time.

- The risk on sentiment is carried over into Asian trade with equity indices all

in the green, thin volumes are helping the move with Japanese markets on holiday

for Respect For The Aged day.

- Gold is expected to tread water ahead of the FOMC meeting later this week

(Sept 20) with expectations turning more hawkish in the wake of strong CPI data.

- North Korean centred risks seem to have taken a breather, and though US

President Trump continues to sabre rattle on his twitter, there seem to have

been a pause in developments on the situation following missile tests last week.

- MNI technical analysis sees support at $1317.4 - 21-DMA, resistance is seen at

$1328.3 - Hourly resistance Sept 15.