Gold prices held steady in Asia on Tuesday on last-minute holiday-related demand, though dollar strength continues to weigh. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $,166.30 a barrel, up 0 07%, after hitting an overnight session low of $1,161.30 and off a high of $1,173.30. Overnight, gold prices edged lower on Monday after upbeat U.S. manufacturing data fueled demand for the dollar, which tends to trade inversely from the yellow metal. Elsewhere, the Bank of Japan’s Friday decision to expand its stimulus programs also fueled dollar demand.
TRADING STRATEGY :
BUY GOLD ABOVE 1170 TGT 1174,1179 SL 1165
SELL GOLD BELOW 1163 TGT 1159,1154 SL 1168
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