INTERNATIONAL COMMODITY NEWS :
Gold prices gain in Asia on Monday, underpinned by physical demand ahead of the main gold buying season in India. On the Comex division of the New York Mercantile Exchange, gold for December delivery traded at $1,268.80 a troy ounce, up 0.12%, after gaining 0.06% to settle at $1,267.30 a troy ounce by close of trade on Friday. The Indian festival of lights, Diwali, lies ahead as well as a traditional time for wedding celebrations with gold a common gift on both occasions. the Department of Labor said that the U.S. economy added 142,000 jobs in August, the lowest amount in eight months and less than the expected increase of 225,000. Despite Friday’s modest gains, Comex gold prices lost 1.56%, or $20.10, on the week, as the U.S. dollar rose to a 13-month peak against a basket of currencies.
TRADING STRATEGY :
BUY GOLD ABOVE 1272 TGT 1276,1281 SL 1267
SELL GOLD BELOW 1265 TGT 1269,1274 SL 1261
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Gold prices gain in Asia on Monday, underpinned by physical demand ahead of the main gold buying season in India. On the Comex division of the New York Mercantile Exchange, gold for December delivery traded at $1,268.80 a troy ounce, up 0.12%, after gaining 0.06% to settle at $1,267.30 a troy ounce by close of trade on Friday. The Indian festival of lights, Diwali, lies ahead as well as a traditional time for wedding celebrations with gold a common gift on both occasions. the Department of Labor said that the U.S. economy added 142,000 jobs in August, the lowest amount in eight months and less than the expected increase of 225,000. Despite Friday’s modest gains, Comex gold prices lost 1.56%, or $20.10, on the week, as the U.S. dollar rose to a 13-month peak against a basket of currencies.
TRADING STRATEGY :
BUY GOLD ABOVE 1272 TGT 1276,1281 SL 1267
SELL GOLD BELOW 1265 TGT 1269,1274 SL 1261
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