Gold Up; Near-Term Resistance At $1,620/Oz - Analyst ------------------------------

Jones] Gold prices are higher in Asia amid momentum-based buying following sharp gains late last week. Spot gold is trading at $1,595.52 a troy ounce, up $3.42 from its previous settlement and 4.5% up from last week's low, reached May 16. A Singapore-based analyst says gains in Thursday and Friday's trading indicate a breakdown in gold's recent positive correlation with risk, but notes that a near-term break above resistance at $1,620/oz is necessary to confirm the return of gold's traditional safe-haven status. "In the last few days that correlation (with risk) has broken down; we're hoping it carries through the next few days and we could be finally getting back to gold trading as a safe haven." However, he cautions that substantial gains are unlikely in Asian trading hours, as most volume and investor demand has been coming in U.S. trading. Asian consumers in India and China remain apprehensive of buying large amounts of gold following recent volatilty, he says.

Gold Up On Momentum Buying; $1,600/Oz Level Key

 Gold prices are higher in Asia amid momentum-based buying activity following strong gains late last week that have bolstered bullish sentiment. Spot gold is at $1,596.90 a troy ounce, up $4.80 from its previous settlement but still below key psychological resistance at $1,600/oz. While investor buying is steady in Asia Monday, physical appetite for the yellow metal remains muted following recent choppy trading, market participants say. However, a break above $1,600/oz would likely spur a pick up in physical demand. A softer USD is helping shore up prices Monday; the EUR/USD is at 1.2808 from 1.2783 late Friday in New York; dollar-priced commodities become cheaper to investors holding other assets when the greenback weakens.(clementine.wallop@dowjones.com)

USD/TWD Down; 29.500 Support Tipped

The USD/TWD is lower, tracking the greenback's weakness against most regional currencies on improving risk appetite as worries over the European debt crisis eased a bit after the weekend, says a local trader. The pair is at 29.535 from 29.630 late Friday. "The greenback was hit by profit-taking after recent gains...rising local stocks and exporters' selling approaching the month-end also weighed on the pair." She tips the pair to trade in a 29.500-29.700 band for the session. The Taiex is up 0.8% after falling 3.4% last week. 

USD/IDR Steady On Suspected Intervention; 9,330 Cap

The USD/IDR is at 9,285, steady from late Wednesday on suspected intervention by Bank Indonesia. Indonesian markets were shut Thursday and Friday for a local holiday. Three dealers suspect the central bank to have sold $5 million at 9,285 as the pair still looks well bid. "The USD is relatively calm against most regional currencies so far this morning, which may also help ease the pressure on the rupiah," a dealer says. Still, he says the pair may try to test the 9,300 area later Monday if Bank Indonesia fails to sell more dollars. He tips a 9,280-9,330 range for the session. 

Citi Trims Forecasts For Rio, BHP, Fortescue

Citi trims target prices for Australia's three biggest iron ore producers after reducing earnings forecasts due to adjustments to prices, production, capital expenditure and the Australian tax rate. The target for BHP (BHP.AU) falls to A$41/share from A$43 as the current year earnings estimate moves to 337.6 US cents a share from 346.1 cents. It lowers the target on Fortescue (FMG.AU) to A$7.10/share from A$7.50 as the current year earnings estimate falls to US$0.49/share from US$0.54. The target for Rio Tinto (RIO.AU) is now A$86/share versus A$95 previously, and Citi's current year earnings forecast is cut to 671.5 US cents a share from 800.4 cents. 

USD/SGD Down, But Risk Sentiment Remains Weak

The USD/SGD falls early in Asia to quote as low as 1.2694, from 1.2747 late Friday, but risk sentiment stays weak, says DBS Bank currency analyst Philip Wee. "Generally, there is a bit of short covering and the market is selling (the U.S. dollar)." He adds the market needs a better picture on Europe. He tips 1.2650 support and 1.2785 resistance for now; the pair is last at 1.2707.