Gold Trades Lower on Profit-taking

[harreymartin]

Gold futures traded lower in the early part of Tuesday’s Asian session as traders locked in the some profits on the yellow metal following a decent showing in Monday’s U.S. session.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery fell 0.15% to USD1,281.55 per troy ounce in Asian trading Tuesday after settling up 0.47% at USD1,283.55 a troy ounce in U.S. trading on Monday, up from a session low of USD1,273.35 and down from a high of USD1,293.55 a troy ounce.

Gold futures were likely to find support at USD1,266.55 a troy ounce, Friday's low, and resistance at USD1,297.05, Thursday's high.

Gold got a modest lift Monday amid some tepid U.S. economic data. In U.S. economic news out Monday, U.S. retail sales rose 0.4% last month, well below the 0.8% increase economists expected. Excluding sales of automobiles, gasoline and building materials, retail sales rose just 0.1% in June following a 0.2% increase in May.

The New York Federal Reserve’s Empire State Manufacturing Survey rose to 9.46 fro, 7.84 in June. Economists expected a reading of 5.