Gold is higher in Asia, the yellow metal.......>

GOLD: Gold is higher in Asia, the yellow metal last up $6.69 at $1,316.82. Gold

jumped after reports of North Korea launched missiles over Japan to hit the

highest levels since September 2016. Japanese officials say no damage was done

but see the test as an escalation of the North Korea threat. Japanese Foreign

Minister has asked the UN to convene an emergency security council meeting.

- Gold was already elevated after comments from central bankers at Jackson Hole,

Fed Chair Yellen made no reference to monetary policy which cast doubts on the

trajectory of interest rates in the US.

- MNI technical analysis sees support at $1312.0 - High Aug 28 now support,

resistance is seen at $1322.3 - Hourly resistance Aug 29. Volatility Friday saw

gold dip into the previously noted $1267.5-1277.7 support region before rallying

aggressively and trading at fresh 2017 and 10mth highs Monday. Initial bullish

focus is now on the$1337.4-1352.6 region where monthly highs are situated. Bears

now look for a close below $1312.0 to gain breathing room and below $1295.5 to

shift focus back to $1275.3-1281.3 where the 21-DMA is noted.