Spot gold was closing near $1,268.95 per.......>

GOLD: Spot gold was closing near $1,268.95 per ounce, in the middle of a

1,265.85 to $1,271.23 range, with the earlier high the highest since June 14

when gold peaked at $1,280.77.

- On June 6, the precious metal 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.

- With the dollar on the defensive in recent sessions, gold has made slow

progress higher. A break above the June 14 highs will target the early June

peaks.

- OUTLOOK: 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 to $1280.8 and overall focus to tests of 2017 highs.

The Bollinger top & O/B studies remain key concerns. Bears now look for a close

below $1262.2 to gain breathing room and below $1252.7 to shift focus to the

$1242.4 support.