Gold prices on Monday were heading toward their fourth-straight session in the red, as the retreat from their recent bounce gathers momentum.
At last check, gold for February delivery GCG5, -0.70% was down $2.70 to $1,219.70 an ounce, while March silver SIH5, -1.13% lost 10 cents to $16.96 an ounce.
INTERNATIONAL COMMODITY NEWS :
Gold prices eased on Monday in Asia as investors focused on the increasing likelihood the Federal Reserve will raise interest rates early next year.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at $1,222.70 a troy ounce, down 0.04%. On Friday, they declined $3.10, or 0.25%, to settle at $1,222.50 a troy ounce. Last week, gold futures dipped modestly on Friday, but still ended the week up nearly 3% as investors sought shelter from steep losses in oil and equity markets, amid lingering fears of a global economic slowdown.
TRADING STRATEGY :
SELL GOLD BELOW 1213 TARGET 1208 1202 SL 1219
BUY GOLD ABOVE 1220.50 TARGET 1225.50 1231.50 SL 1214.50
Gasoline blendstock for January RBF5, +1.05% --the benchmark gasoline contract--rose 2 cents to $1.6132 a gallon, while January diesel traded at $2.0374, 214 points higher.
ICE gasoil for January changed hands at $565.25 a metric ton, down $0.75 from Friday’s settlement.
