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

GOLD: Gold is higher in Asia-Pac trade, the yellow metal last up $2.09 at

$1,324.79. Bullion has been supported by a slight dip in the US dollar index

during the Asia-Pac session, DXY last down 0.115 at 90.093. Gold is also

supported by increased demand heading into Lunar New Year in China which begins

on February 15. The upside in gold is limited by broad risk on trade across Asia

as equity prices rebound following the rout last week and volatility in the

region drops.

- A fairly quiet session for data on Tuesday, the market will hear from FOMC

voter and known hawk Loretta Mester in the afternoon, though market focus is on

the US CPI print on Wednesday.

- MNI technical analysis sees support at $1316.5 - Hourly support Feb 12,

resistance is seen $1326.2 - High Feb 12. The correction from 2018 highs saw a

dip back towards $1302.5-1305.9 where the 55-DMA is located only to bounce

aggressively which is less than ideal for bears. Bulls still need a close above

$1332.6 to shift focus back to 2018 highs and above $1374.9 to confirm focus on

$1391.8-1433.3.