Gold prices eased further in Asia on Friday, driven by sentiment the dollar will move to further strength after the European Central Bank cut rates and that physical demand may wane. On the Comex division of the New York Mercantile Exchange, Gold futures for December delivery traded at $1,258.80 a troy ounce, down 0.61%, after hitting an overnight session low of $1,267.60 and off a high of $1,277.90. gold prices moved lower after upbeat U.S. service-sector data fueled demand for the greenback, though a ECB decision to stimulate the economy cushioned losses by sending investors hedging the precious metal against a sliding euro. The Institute for Supply Management reported earlier that its services index rose to 59.6 in August from 58.7 in July, far surpassing market forecasts for a downtick to 57.5.
TRADING STRATEGY :
BUY GOLD ABOVE 1266 TGT 1270,1275 SL 1261
SELL GOLD BELOW 1262 TGT 1258,1253 SL 1267
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