INTERNATIONAL COMMODITY NEWS :
Gold prices dropped to four-and-a-half year lows on Friday, as Thursday’s upbeat U.S. jobless data continued to weigh and traders eyed the release of a highly anticipated U.S. employment report later in the day. On the Comex division of the New York Mercantile Exchange, gold for December delivery traded at $1,140.90 a troy ounce during European morning trade, down 0.15%. The December contract settled 0.27% lower on Thursday to end at $1,142.6 a troy ounce. Futures were likely to find support at $1,111.30 and resistance at $1,169,30, Wednesday’s high.
TRADING STRATEGY :
BUY GOLD ABOVE 1175 TGT 1179,1183 SL 1170
SELL GOLD BELOW 1168 TGT 1164,1159 SL 1173
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Gold prices dropped to four-and-a-half year lows on Friday, as Thursday’s upbeat U.S. jobless data continued to weigh and traders eyed the release of a highly anticipated U.S. employment report later in the day. On the Comex division of the New York Mercantile Exchange, gold for December delivery traded at $1,140.90 a troy ounce during European morning trade, down 0.15%. The December contract settled 0.27% lower on Thursday to end at $1,142.6 a troy ounce. Futures were likely to find support at $1,111.30 and resistance at $1,169,30, Wednesday’s high.
TRADING STRATEGY :
BUY GOLD ABOVE 1175 TGT 1179,1183 SL 1170
SELL GOLD BELOW 1168 TGT 1164,1159 SL 1173
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