Gold prices eased slightly in early Asian trade on Monday after a stress test exercise for European banks released at the weekend showed a better than expected reading. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,230.20 a troy ounce, down 0.06%, after it settled last week at $1,231.80 a troy ounce. Roughly one in five of the euro zone’s top lenders failed landmark health checks at the end of last year but most have since repaired their finances, the European Central Bank said on Sunday. Painting a brighter picture than had been expected, the ECB found the biggest problems in Italy, Cyprus and Greece but concluded that banks’ capital holes had since chiefly been plugged, leaving only a modest 10 billion euros ($12.7 billion) to be raised.
TRADING STRATEGY :
BUY GOLD ABOVE 1234 TGT 1238,1243 SL 1229
SELL GOLD BELOW 1227 TGT 1223,1219 SL 1232
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