Gold prices held weaker on Monday in Asia after a gauge of China’s manufacturing activity released at the weekend fell to a five-month low in October, despite a series of government support measures aimed at aiding growth. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,169.70, down 0.21%. China’s official Manufacturing Purchasing Managers’ Index dropped to 50.8 in October from 51.1 in September, according to the China Federation of Logistics and Purchasing, which issues the data with the National Bureau of Statistics. The index remained above the key 50 level, which separates expansion from contraction compared with the previous month, but was below expectations of a reading that matched September’s tally of 51.1.
TRADING STRATEGY :
BUY GOLD ABOVE 1170 TGT 1174,1179 SL 1165
SELL GOLD BELOW 1164 TGT 1160,1155 SL 1169
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