Gold prices dipped in Asia on profit taking and ahead of a key Federal Reserve announcement on monetary policy this week.On the Comex division of the New York Mercantile Exchange, goldfutures for December delivery traded at $1,233.50 a troy ounce, down 0.13%, after hitting an overnight session low of $1,226.40 and off a high of $1,239.00. Overnight, gold prices rose after mixed U.S. data gave investors room to snap up nicely-priced positions in the commodity. In a report, the Federal Reserve Bank of New York said that its general business conditions index increased to a five-year high of 27.5 this month from 14.7 in August. Analysts had expected the index to rise to 16.0 in September A separate report showed that U.S. industrial production fell 0.1% last month, disappointing forecasts for a 0.3% gain. Industrial production for July was revised down to a gain of 0.2% from a previously reported increase of 0.4%.
RECOMMENDATION :
BUY GOLD ABOVE 1238 TGT 1242,1247 SL 1233
SELL GOLD BELOW 1232 TGT 1228,1223 SL 1237
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