Gold prices dropped in U.S. trading on Tuesday after an upbeat consumer confidence report sent investors betting that the Federal Reserve will deliver an positive take on the U.S. economy at a policy meeting this week and make fresh cuts to its stimulus program that has supported the yellow metal for years. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,300.80 a troy ounce during U.S. trading, down 0.38%, up from a session low of $1,298.10 and off a high of $1,314.40.The December contract settled up 0.04% at $1,305.80 on Monday. Futures were likely to find support at $1,289.40 a troy ounce, Thursday’s low, and resistance at $1,320.40, the high from July 21.Data released earlier bolstered the dollar and in turn, pushed down gold, as the two assets tend to trade inversely with one another.
TRADING STRATEGY :
SELL GOLD COMEX BELOW 1290 TG 1284,1274 SL 1300
BUY GOLD COMEX ABOVE 1303 TG 1309,1319 SL 1293
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