Gold is slightly lower in the Asia-Pac.........>

GOLD: Gold is slightly lower in the Asia-Pac session on Thursday, the yellow

last down $0.78 at $1,344.36. Despite the modest dip gold is still holding gains

seen in the wake of the Fed yesterday. The US dollar recovered yesterday to

broadly unchanged levels after the hawkish FOMC statement was seen as already

priced into markets. The dollar index (DXY) has slipped slightly in Asia trade

and helped support the move in gold.

- Bullion is under pressure from broadly risk on tone in Asia, stocks climbing

after a 3 day slump, the Nikkei 225 in Japan up for the first day in 7.

- Data from China earlier in the session showed that FY 2017 gold consumption

rose 9.4% annually, while gold output fell 6.03% on the year. There is some

worry that demand for the precious metal could wane in the near term heading

into Lunar New Year.

- MNI technical analysis sees support at $1334.0 - 21-DMA, resistance is seen at

$1348.9 - High Jan 30. Following on from a lack of follow through on last week's

2018 high bulls take comfort in support emerging on dips back to the 21-DMA.

Bears look for a close below $1331.2 to shift initial focus to $1302.5-1305.6.