Gold rebounded in Asia on Friday on physical demand prospects as holidays approach in India and buying picks up for expected year-end events as well. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded a $1,242.00 a troy ounce, up 0.24%, after hitting an overnight session low of $1,235.80 and off a high of $1,250.80.gold prices slipped as investors avoided the yellow metal ahead of the Federal Reserve’s statement on monetary policy meeting next week, which many bet will see further cuts to the U.S. central bank’s monthly bond-buying program. The December contract settled down 0.26% at $1,245.30 on Wednesday. Futures were likely to find support at $1,235.20 a troy ounce, the low from Jan. 23, and resistance at $1,279.20, last Thursday’s high.
TRADING STRATEGY :
BUY GOLD ABOVE 1240 TGT 1244,1249 SL 1235
SELL GOLD BELOW 1230 TGT 1226,1221 SL 1235
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