INTERNATIONAL COMMODITY NEWS :
Gold prices gained in Asia on Wednesday as investors focused on Chinese New Year demand and continued a buying trend seen overnight in the U.S. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.13% to trade at $1,261.90 a troy ounce. Overnight, gold edged higher on Tuesday, as market players looked ahead to the release of key U.S. data later in the week for further indications on the strength of the economy and the future path of monetary policy. Optimism over the health of the U.S. economy weakened after data on Monday showed that U.S. consumer spending fell at the fastest rate since September 2009 in December. Separate reports showed that U.S. construction spending rose less than expected in December, while manufacturing growth slowed. The disappointing numbers came after data last week that showed the U.S. economy grew by a weaker than-expected 2.6% in the fourth quarter, slowing sharply from growth of 5.0% in the preceding quarter.
TRADING STRATEGY :
BUY GOLD ABOVE 1268 TARGET 1273 1279 SL 1262
SELL GOLD BELOW 1255 TARGET 1250 1244 SL 1261
Gold prices gained in Asia on Wednesday as investors focused on Chinese New Year demand and continued a buying trend seen overnight in the U.S. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.13% to trade at $1,261.90 a troy ounce. Overnight, gold edged higher on Tuesday, as market players looked ahead to the release of key U.S. data later in the week for further indications on the strength of the economy and the future path of monetary policy. Optimism over the health of the U.S. economy weakened after data on Monday showed that U.S. consumer spending fell at the fastest rate since September 2009 in December. Separate reports showed that U.S. construction spending rose less than expected in December, while manufacturing growth slowed. The disappointing numbers came after data last week that showed the U.S. economy grew by a weaker than-expected 2.6% in the fourth quarter, slowing sharply from growth of 5.0% in the preceding quarter.
TRADING STRATEGY :
BUY GOLD ABOVE 1268 TARGET 1273 1279 SL 1262
SELL GOLD BELOW 1255 TARGET 1250 1244 SL 1261
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