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Gold is higher in Asia-Pac trade on............>

GOLD
GOLD: Gold is higher in Asia-Pac trade on Wednesday, the yellow metal last up
$2.42 at $1,341.01, just shy of session highs at $1,342.88.
- Gold moved sideways in the early part of the session, but rose as US President
Trump finished his State of the Union speech alongside some weakness in the US
dollar. DXY last at session lows of 89.023, down 0.135, slightly above lows hit
on Tuesday of 88.912. Trump's address was self congratulatory, linking economic
prosperity to his presidency, there was little in the speech that was unexpected
against hopes that more infrastructure plans could be revealed, and a lack of
"strong dollar policy" comments.
- Upside in gold is limited by US yields holding their higher range, 10-Year
yield last at 2.705%.  
- Market looks ahead to the FOMC rate announcement later today.
- MNI technical analysis sees support at $1331.2 - Low Jan 23, resistance is
seen at $1348.9 - High Jan 30. The lack of topside follow through on last week's
2018 high remains a concern for bulls and leaves gold looking a little heavy.
Daily studies correcting are weighing.
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