Gold is flat in Asia to start the week, the....>

GOLD: Gold is flat in Asia to start the week, the yellow metal last down $0.15

at $1,348.98. Gold rose around 1.4% last week, denoting the 6th gain of the last

7 weeks, supported by the continued decline in the US dollar. 

- Market is expected to be slightly nervy this week as traders await the FOMC

rate announcement on Wednesday, while US President Trump will deliver the State

of the Union address on Tuesday.

- MNI technical analysis sees support at $1342.7 - Low Jan 25, resistance is

seen at $1359.7 - Hourly support Jan 25 now resistance. The recovery from the

mid Jan correction has resulted in fresh 2018 & 18mth highs with immediate

bullish focus currently on 2016 highs and a close above then targeting

$1391.8-1433.3. The lack of topside follow through is a concern when combined

with modestly O/B studies. Bears now look for a close below $1339.2 to add

weight to the case for a correction and below the 21-DMA to target

$1302.5-1305.6.