Gold Extends Earlier Losses To Trade Sharply Lower

(Kitco News) - Gold prices are trading solidly down and at a four-week low inlate-morning action Friday. Early losses have been extended on technicalselling pressure, including sell stop orders being triggered when key chartsupport levels were breached. Bearish "outside markets" today thatinclude a higher U.S. dollar index and lower crude oil prices are pressuringthe precious metals markets. Both gold and silver prices are headed fortechnically bearish weekly low closes on a Friday, which would then suggestfollow-through selling pressure early next week. December gold was last down $16.70 an ounce at $1,208.30.

By Jim Wyckoff

For Kitco News

Follow @jimwyckoffjwyckoff@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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