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Investors were not keen on the yellow metal....>

GOLD
GOLD: Investors were not keen on the yellow metal during the Asia-Pac, gold
caught a small bid at the beginning of the session but is now down to it's
lowest level since this time last month at $1280.90, down $1.55 but steady. Most
safe haven investments are on the descent triggered by hawkish comments from Fed
Chair Yellen in the Asia-Pac yesterday and following into the overnight
sessions, corporate rate lock hedges contributed overnight too and tonight Fed
Rosengren emulated comments from Yellen that gradual hikes would be necessary...
furthermore tonight Pres. Trump has outlined plans for the latest tax reform
announcements, positively received by the markets as he stipulated the plan
includes lower taxes for the middle class.
- MNI technical analysis sees support at $1275.0 - Low Aug 25 and resistance at
$1289.5 - Alternating daily support/resistance. The failure ahead of $1320.0 on
the recovery from last week's low has resulted in a sell-off and close below the
55-DMA ($1288.4) with immediate pressure on $1265.3-1275.0 where the 100-DMA is
noted.

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