INTERNATIONAL COMMODITY NEWS :
Gold prices gained in Asia on Tuesday, rebounding from downbeat news from Europe overnight and looking ahead to key China economy data. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,247.20 a troy ounce, up 0.20%, after hitting an overnight session low of $1,235.00 and off a high of $1,249.00. At 0200 GMT, China is expected to release third quarter GDP data, with a gain of 7.3% forecast year-on-year, as well as industrial output for September, seen up 7.5% on year, and September retail sales, expected to have gained 11.8%.
TRADING STRATEGY :
BUY GOLD ABOVE 1250 TGT 1254,1260 SL 1245
SELL GOLD BELOW 1243 TGT 1239,1234 SL 1248
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Gold prices gained in Asia on Tuesday, rebounding from downbeat news from Europe overnight and looking ahead to key China economy data. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,247.20 a troy ounce, up 0.20%, after hitting an overnight session low of $1,235.00 and off a high of $1,249.00. At 0200 GMT, China is expected to release third quarter GDP data, with a gain of 7.3% forecast year-on-year, as well as industrial output for September, seen up 7.5% on year, and September retail sales, expected to have gained 11.8%.
TRADING STRATEGY :
BUY GOLD ABOVE 1250 TGT 1254,1260 SL 1245
SELL GOLD BELOW 1243 TGT 1239,1234 SL 1248
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