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Free AccessGold is slightly lower in Asia-Pac trade on....>
GOLD: Gold is slightly lower in Asia-Pac trade on Monday, the yellow metal last
down $0.31 at $1292.11, but holds near the highest levels in a month that were
hit late in trade on Friday.
- The focus is on political turmoil in Asia after news that German coalition
talks fell apart on Sunday night and the US government continue to wrangle over
the tax bill.
- Golds marginal decline comes as DXY rises to 93.960 in Asia after closing on
Friday at around 93.66, stocks though are on the back foot in Asia, all major
indices in negative territory and US futures also in the red.
- MNI technical analysis sees support at $1289.1 - High Nov 15 now support,
resistance is seen at $1297.0 - Hourly Nov 17. Having found support ahead of the
200-DMA ($1264.7) in recent weeks bulls take comfort in Friday's close above the
55-DMA ($1291.7) with focus now having shifted to layers of resistance
$1306.0-1320.0.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.