INTERNATIONAL COMMODITY NEWS :
Gold and silver prices fell in Asia on Tuesday with expectations growing the Federal Reserve will move to hike interest rates next year ahead of a meeting on Wednesday that will mark the final comments on the economic outlook for 2014. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at $1,196.70 a troy ounce, down 0.91%, after hitting an overnight session low of $1,195.40 and off a high of $1,224.80.Overnight, gold prices dropped on Monday after upbeat U.S. data and expectations for a bullish take on the economy from the Federal Reserve this week boosted demand for the dollar, which tends to trade inversely with the precious metal. The report added that the capacity utilization rate, a measure of how full firms are using their resources, rose to 80.1% last month from an upwardly revised 79.3% in October, beating market calls for an unchanged reading.
TRADING STRATEGY :
BUY GOLD ABOVE 1208 TARGET 1218 SL 1198
Gold and silver prices fell in Asia on Tuesday with expectations growing the Federal Reserve will move to hike interest rates next year ahead of a meeting on Wednesday that will mark the final comments on the economic outlook for 2014. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at $1,196.70 a troy ounce, down 0.91%, after hitting an overnight session low of $1,195.40 and off a high of $1,224.80.Overnight, gold prices dropped on Monday after upbeat U.S. data and expectations for a bullish take on the economy from the Federal Reserve this week boosted demand for the dollar, which tends to trade inversely with the precious metal. The report added that the capacity utilization rate, a measure of how full firms are using their resources, rose to 80.1% last month from an upwardly revised 79.3% in October, beating market calls for an unchanged reading.
TRADING STRATEGY :
SELL GOLD BELOW 1190 TARGET 1180 SL 1200
