First air compressor, questions about leaking

I just got my new 20gal air compressor yesterday, and today I finally drag it down to the basement and fire it up.



it cuts off at about 135psi, which is about right

I want it sit there for several hours and see if it leaks.

The compressor doesn't have any tool or hose connected.



When I turn the tool gauge to minimum (0 psi) I can hear some air leak from eight the air line outlet or the air pressure regulator.



but when I turn the tool gauge to 120 psi, I can't hear any air leak at all.



Do I just got a bad regulator or I didn't test it the right way?



Thanks for any input.

First air compressor, questions about leaking