In commodities, spot gold was closing near.....>

GOLD: In commodities, spot gold was closing near $1,282.05 per ounce, after

trading in a $1,267.90 to $1,283.94 range.

- At the peak of dollar selling and safe-haven demand, the precious metal topped

out near $1,292.10 last Friday, nearly revisiting 2017 highs.

- On June 6, gold posted a high of $1,296.15, but then stalled, creating a

double-top with the $1,295.56 high seen April 17. Subsequently, gold moved lower

as U.S. Treasury yields and the dollar recovered, bottoming July 10 near

$1,204.90.

- If the psychological $1,300 mark gives way, the not topside target will be

$1,337.38, the high seen Nov. 9, in the wake of the U.S. election.

- OUTLOOK: Bears failed to capitalise further on the correction lower from ahead

of 2017 highs with gold finding support ahead of the daily bull channel base and

21-DMA. The close above $1277.7 sees bulls gain breathing room but a close above

2017 highs is now needed to reconfirm the bullish bias. Initial support is noted

at $1277.7 with bears needing a close below to ease bullish pressure and return

focus to $1265.0-1265.5.