Gold is up $1.56 in Asia-Pac trade on..........>

GOLD: Gold is up $1.56 in Asia-Pac trade on Friday, last at $1,254.53. Gold is

up 0.5% on the week and set for the first weekly gain since mid-November,

supported by US tax plan jitters and a dovish hike from the FOMC. Gold took a

brief dip at the start of Asia-Pac trade, dipping to $1,249.06, MNI sources

noted this was order based rather than fundamental and was quickly reversed.

- Gold has seen thin trade on Friday after a raft of central bank announcements

this week.

- 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 $1269.9-1289.5 where DMAs and bear channel top

are noted with bulls now needing a close above $1260.1. The $1235.9 support is

now key with bears needing a close below to reconfirm a bearish bias and focus

on the channel base ($1207.3).