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Gold is unchanged in Asia-Pac trade, last up...>

GOLD
GOLD: Gold is unchanged in Asia-Pac trade, last up $0.04 a $1,259.19 having seen
rangebound trade so far in Asia. The yellow metal is still holding gains made
post FOMC on Wednesday and is only slightly lower than the high at $1,265.38
made on Thursday ahead of US GDP figures in the upcoming session, political
wrangling in Washington is also likely to continue to support gold.
- Gold is up 0.33% on the week and up 1.41% so far in July. The yellow metal has
benefited from broad weakness in the US dollar which dropped to 14-month lows on
Thursday but has recovered slightly in Asia.
- MNI technical analysis sees support at $1252.7 hourly resistance July 25 now
support, resistance is seen at $1265.2 bollinger band top. Bears failed to
capitalise on the dip Wednesday with gold finding support ahead of $1242.4 and
resulting in a close above the $1258.8 resistance that shifted initial focus ton
$1280.8 and overall focus on tests of 2017 highs. The Bollinger top is the key
concern and currently caps. Layers of support remain below.

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