$1.10, here we come.....

SYDNEY, March 31 (Reuters) - Gold jumped by about $2 an ounce
in Asian trading on Wednesday after the U.S. dollar slid sharply
against the Japanese yen,.
Dealers said bullion was quoted as high as $422.50/$423.25 an
ounce versus $420.50 earlier before recoiling on profit-taking.
At 0215 GMT, spot gold was quoted at $421.75/422.50 an
ounce.
However, the metal was unlikely to face much selling pressure
unless the price approached $424 an ounce, suggesting prices
should hold in a range of several dollars, dealers said.
"Our next resistance level is $432.75, then $431," said
Commonwealth Bank of Australia commodities strategist David
Thurtell.
Gold's gain came as the U.S. dollar fell below 105 yen for
the first time since September 2000 on optimism about Japan's
economy and persistent speculation Japanese authorities had
scaled back their huge currency interventions.
The benchmark February 2005 gold contract on the
Tokyo Commodity Exchange (TOCOM) was flat at 1,426 yen a gram.
The dollar was quoted at 104.75 yen having fallen as
low as 104.52, versus 105.68 late in New York.