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Gold is weaker in Asia-Pac trade, after........>

GOLD
GOLD: Gold is weaker in Asia-Pac trade, after dropping sharply to levels not
seen since August after the FOMC announced hawkish statements on the progress of
their strategy for monetary policy, the Fed kept the Federal Funds Rate and the
benchmark interest rate unchanged but a December rate hike has now been put
firmly on the table with an 11 dot vote and furthermore they stated they will
proceed with B/S reduction in the coming month. The yellow metal is down $2.77
at $1,298.33.
- As predicted by MNI gold did stay up ahead of the FOMC meetings maintaining
levels within $1310 and $1315 before the drop of around $20 afterwards, N. Korea
is yet to retaliate to Trumps insults and threats on Tuesday and pressure from
adverse weather conditions from around the world continue to keep gold above
levels prior to pre hurricanes/quakes.
- MNI technical analysis sees support at $1296.0 - Low Sept 20 and resistance at
$1304.6 - Low Sept 18 with layers of resistance are weighing and adding to
bearish confidence. Bulls now need a close above $1309.9 to ease immediate
bearish pressure and above $1320.0 to hint at a bounce back to $1334.8-1342.1.

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