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Gold is higher in Asia-Pac trade, boosted by...>

GOLD
GOLD: Gold is higher in Asia-Pac trade, boosted by a weaker US dollar. The
yellow metal is last at $1,363.07 up $5.52 in Asia. Gold remains well supported
and surges through $1360 to 16-month highs of $1360.38. Next resistance is seen
at $1367.34 (Aug2 16 high), a break here opens $1375.34 (Jul11 16 high). US Tsy
Sec Mnuchin said that a weaker USD presents trade opportunities, informally
endorsing the decline in USD and seemingly backtracking on the "strong dollar"
policy from the Trump administration. 
-Market will look ahead to a scheduled speech from Mnuchin at the Davos World
Economic Forum early European time on Thursday (0900GMT) where he could seek to
clarify his comments after the USD saw the worst single day decline since March
2017.
- The pull back in equity markets in Asia has also supported the advance in
bullion, an ANZ note earlier pointed out overbought conditions in many equity
indices and forecast gold to hit $1,400 by the end of 2018.
- MNI technical analysis sees support at $1355.8 - Hourly resistance Jan 24 now
support, layers of support building adds to bullish confidence.

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