Gold is marginally lower in Asia-Pac trade,....>

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

$0.17 at $1,244.32. Gold opened the session at $1,246.03 after recovering from a

drop to below $1,237 during US hours on Tuesday as risk on took hold and US

stocks hit record highs. Profit taking at the start of Asia trade initially took

bullion lower to $1,242.52 before the the win for Democrat Doug Jones in the

Alabama Senate vote saw a flight to safety and helped to recover most of the

decline in the precious metal. The victory erodes the already narrow margin that

Republicans hold in the Senate to 51-49 (previous 52-48). That would therefore

cast some doubt on the ongoing tax legislation, and other legislation from the

Trump administration.

- Markets have one eye on central bank events this week, the FOMC will announce

rates later on Wednesday where another "dovish" hike is expected, later this

week the ECB are expected to reveal taper plans and the BoE and SNB also

announce rates on Thursday.

- MNI technical analysis sees support at $1227.8 - Low July 17, resistance is

seen at $1252.4 - High Dec 8.