INTERNATIONAL COMMODITY NEWS :
Gold prices eased in Asia on Thursday even as the dollar weakened slightly in intraday trade.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery fell 0.49 to trade at $1,228.50 a troy ounce.Overnight, gold rose to the highest levels of the session on Wednesday, after data showed that retail sales in the U.S. fell more than expected in December, dampening optimism over the strength of the economic recovery. U.S. Commerce Department said that retail sales declined by a seasonally adjusted 0.9% last month, worse than expectations for a drop of 0.1%. Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
TRADING STRATEGY :
BUY GOLD ABOVE 1233 TARGET 1238 1244 SL 1227
SELL GOLD BELOW 1225 TRAGET 1220 1214 SL 1231
Gold prices eased in Asia on Thursday even as the dollar weakened slightly in intraday trade.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery fell 0.49 to trade at $1,228.50 a troy ounce.Overnight, gold rose to the highest levels of the session on Wednesday, after data showed that retail sales in the U.S. fell more than expected in December, dampening optimism over the strength of the economic recovery. U.S. Commerce Department said that retail sales declined by a seasonally adjusted 0.9% last month, worse than expectations for a drop of 0.1%. Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
TRADING STRATEGY :
BUY GOLD ABOVE 1233 TARGET 1238 1244 SL 1227
SELL GOLD BELOW 1225 TRAGET 1220 1214 SL 1231
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