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Gold is higher in Asia-Pac trade, the yellow...>

GOLD
GOLD: Gold is higher in Asia-Pac trade, the yellow metal last up $3.09 at
$1,258.60 and building on the gains made during Wednesday's session. Bullion
moved higher after weak US CPI figures and another "dovish" hike from the FOMC.
The Fed hiked rates 25bp but kept their outlook for 2017 hikes at 3, the Bank
also sounded cautious over the labour market.  The gains in gold come as the USD
continues to drop, DXY is now at 93.355 after hitting highs of 94.10 yesterday.
- Markets will closely watch a plethora of central bank events today including
SNB, BoE and ECB.
- MNI technical analysis sees support at $1249.2 - Hourly breakout level Dec 13,
resistance is seen at $1260.1 - Monthly Low Oct 6 now resistance. Bears failed
to capitalise further on recent fresh 6mth lows with the bounce easing immediate
bearish pressure. Correcting O/S daily studies add support to the case for a
move back to layers of resistance $1269.9-1286.3 where DMAs and bear channel top
are noted. The $1235.9 support is now key with bears needing a close below to
reconfirm a bearish bias and focus on the channel base ($1208.4).

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