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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 $2.67 at
$1,264.38. Gold has risen as investors wrangle with last minute jitters over the
US tax bill. The bill passed in the House and will go to the Senate, but due to
some procedural errors will have to have some small amendments and go back to
the House, US President Trump still seems confident he can sign the bill before
Christmas. The tax saga and thin holiday volumes are limiting moves in gold. US
yields have dropped in Asia on Wednesday after jumping on Tuesday, the 10-Year
US yield is down 1.6bp which is keeping the US dollar subdued and helping to
support gold.
- Fed's Kashkari spoke on Tuesday and struck his usual dovish tone, saying that
low inflation is a concern and that there is still slack in the labour market.
- MNI technical analysis sees support at $1256.5 - Hourly support Dec 18,
resistance is seen at $1269.9 - Low Nov 14 now resistance. Bulls need a close
above $1269.9 to add to confidence.
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