Gold $1,249.90; ScotiaMocatta Remains Positive

Spot gold $1,249.90/oz, down 30 cents in early Asia. Spot gold edged higher yesterday amid general market skittishness and weaker USD. ScotiaMocatta remains technically upbeat on gold, noting that this week it's been able to hold above last week's high of $1,244 since the level broke on Monday. Wednesday's high of $1,254 is initial resistance with $1,265 record high within striking distance, beyond which is fresh territory with initial measured move to $1,290, it says in daily note.