Gold continues lower following Thursday tumble

            Gold futures traded slight in the early part of Friday’s Asian session as traders refused bargain hunting with the yellow metal following dismal showing Thursday. 

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery fell 0.07% to USD1,322.80 per troy ounce in Asian trading Friday. The December contract settled lower by 1.90% percent at USD1,323.70 per ounce on Thursday. 

Gold futures were likely to find support at USD1,310.10 a troy ounce, the low from Oct. 22, and resistance at USD1,361.70, Monday's high.

Gold was dinged Thursday by some decent U.S. data that had traders, once again, pondering the fate of the Federal Reserve’s USD85 billion-per-month quantitative easing effort. 

In U.S. economic news out Thursday, the Chicago manufacturing purchasing managers’ index jumped to 65.9 in October from 55.7 in September. Analysts had expected the index to decline to 55.0.

The new orders component of the index jumped to a nine-year high of 74.3 from 58.9 in September. 

Meanwhile, the Department of Labor said the number of individuals filing for initial jobless benefits in the week ending October 25 declined by 10,000 to a seasonally adjusted 340,000, in line with market expectations. 

Gold traded slightly higher for the month of October, no small feat when considering October is usually one of the worst months of the year in which to be long gold. Gold bugs could see seasonality turn in their favor because November is one of the best months to be long bullion. 

Elsewhere, Comex silver for December delivery rose 0.32% to USD21.938 per ounce while copper for December delivery fell 0.06% to USD3.298 an ounce.  - investing.com