* Gold off lows, physicals buy on dips
* Technicals point downward to $1,329.45[]
* Coming Up: EZ economic sentiment Nov; 1000 GMT
(Updates prices)
By Lewa Pardomuan
SINGAPORE, Nov 29 (Reuters) - Gold rebounded on Monday
after an early drop spurred buying from jewellers in Asia, but
further gains could be limited by a rally in the U.S. dollar
amid persistent euro zone debt concerns.
Investors also closely watched an escalating tension in
the Korean peninsula, although dealers said there were no
signs of buying related to the crisis sparked by North Korea's
artillery attack on a South Korean island. []
Spot gold added 73 cents to $1,362.46 an ounce by
0628 GMT, having hit an intraday low at around $1,353 -- not
far from a low around $1,350 seen last week. Bullion was below
a lifetime high around $1,424 struck in early November.
According to a Reuters market analyst, Wang Tao, spot gold
may extend its fall towards $1,329.45 per ounce as a big
downward wave "C" is progressing.
For a 24-hour technical outlook on gold, see:
http://graphics.thomsonreuters.com/WT/20102911100027.jpg
"For today, I would look at support for gold at about
$1,350. However, I think if we see a breach of this level,
then we could see gold retreating further," said Ong Yi Ling,
investment analyst at Phillip Futures in Singapore.
"For the week ahead, I will also expect gold prices to
pare some of its gains that was accumulated earlier last week.
Currently the gold and the dollar is having a pretty strong
inverse relationship."
U.S. gold futures hardly moved at $1,362.1 an ounce.
The euro slipped to its lowest in two months against the
dollar as the market looked past a rescue package for Ireland
to other euro zone economies and a euro zone crisis resolution
mechanism.
EU finance ministers endorsed an 85 billion-euro ($115
billion) loan package to help Dublin cover bad bank debts and
bridge a huge budget deficit, and approved outlines of a
permanent crisis-resolution system which could make private
bond holders share the burden of restructuring sovereign debt
bought after 2013. []
"The dollar is so strong, but we see buying on the
physical side when trading started in Asia. That helps the
market a bit. Some Chinese guys may be buying a bit," a dealer
in Hong Kong said.
"I would think $1,350 is a good support for gold, but I
don't think we will go down too much even if we break that
level."
Silver also bounced on firmer gold while platinum
palladium barely moved.
The world's largest silver-backed exchange-traded fund,
iShares Silver Trust , said its holdings slipped to
10,711.23 tonnes by Nov. 26 from an all-time high of 10,893.68
tonnes by Nov 23. []
In other markets, the Nikkei hit a five-month closing high
as the yen softened against the dollar, while oil rose past
$84 after the Irish deal. [.T[
Precious metals prices at 0628 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1362.46 0.73 +0.05 24.35
Spot Silver 26.80 0.14 +0.53 59.24
Spot Platinum 1646.24 1.24 +0.08 12.22
Spot Palladium 674.75 0.75 +0.11 66.40
TOCOM Gold 3693.00 -7.00 -0.19 13.32 51010
TOCOM Platinum 4496.00 27.00 +0.60 2.62 10811
TOCOM Silver 72.70 -1.10 -1.49 40.62 2072
TOCOM Palladium 1828.00 -26.00 -1.40 56.91 888
Euro/Dollar 1.3242
Dollar/Yen 84.07
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Himani Sarkar)
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