Gold prices eased in Asia on Monday with markets looking ahead to data signals on the U.S. economy and in China for the outlook on key industrial metal copper. On the Comex division of the New York Mercantile Exchange, gold for December delivery traded at $1,215.80 a troy ounce, down 0.03%, after hitting on Friday a session low of $1,214.20 a troy ounce on Friday, a level not seen since Jan. 2. Prices recovered last week to settle at $1,216.60, down $10.30, or 0.84%, for the day. For the week, Comex gold prices lost $14.90, or 1.2%, the third consecutive weekly drop.Last week, the Federal Reserve cut its monthly bond-buying program by another $10 billion following its two-day policy meeting on September 17, keeping the program on track to finish next month. While the Fed reiterated that it expects rates to remain on hold for a “considerable time” after its quantitative easing program ends, it also projected a faster pace of rate hikes.
RECOMMENDATION :
BUY GOLD ABOVE 1218 TGT 1222,1227 SL 1213
SELL GOLD BELOW 1210 TGT 1206,1200 SL1215
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