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

GOLD: Gold is slightly lower in Asia-Pac trade, the yellow metal last down $0.64

at $1,257.54. Gold dropped on the open yesterday after the US Senate passed a

vote on the tax bill at the weekend, gold has moved in a $5/oz range since and

held the move lower. 

- Gold is supported at these levels by complications in the progression of

Brexit negotiations. The Irish PM Varadkar said that negotiations will not

proceed without firm guarantees regarding the border and the initial agreement

was scuppered by the DUP - one of May's coalition partners.

- Data from Asia was largely ignored, China Caixin Services PMI rose to 51.9,

the RBA kept rates on hold at 1.50% and Australian Retail Sales rose above

estimates at 0.5%.

- MNI technical analysis sees support at $1269.9 - Low Nov 14, resistance is

seen at $1277.9 - Hourly resistance Dec 1. Bears still need a close below

$1243.4 to confirm focus on retests of 2017 lows. Daily studies are well placed

for a fresh leg lower. Bulls now need a close above $1289.3 to ease bearish

pressure.