Gold prices rose in Asia on Monday after manufacturing data pointed to steady demand and on possible new sanctions on Russia and with markets in the U.S. and Canada closed for the Labor Day holiday. Gold for December delivery traded at $1,287.70 a troy ounce, up 0.02%, after ending last week at $1,288.20 a troy ounce on the Comex division of the New York Mercantile Exchange .Gold futures rose 0.62% last week, but ended the month down 0.51%. The HSBC final manufacturing PMI came in at 50.2, just below the 50.3 expected. U.S. officials are working closely with the European Union to keep their Russia sanctions programs aligned in timing and severity. European Council President Herman Van Rompuy said the bloc wouldn’t set out specific criteria for triggering fresh sanctions but said there was “determination” to ensure Russia paid an appropriate price for heightening tensions.
TRADING STRATEGY :
BUY GOLD ABOVE 1294 TGT 1299,1304 SL 1289
SELL GOLD BELOW 1285 TGT 1281,1277 SL 1290.50
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