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Gold Extends Losses, Hits 3-Week Low, on Follow-Through Pressure, New Technical Selling

(Kitco News) - Gold prices are trading lower and hit a three-week low in late-morning dealings Thursday. The strong selling pressure seen Wednesday afternoon, in the wake of a hawkish and gold-market-bearish FOMC statement, is being extended Thursday morning. Technical selling has also kicked in as key chart support levels have been breached, including prices dropping below the key
$1,150.00 level. The gold market bulls have lost their slight near-term technical advantage as the path of least resistance for prices now appears to be sideways to lower for the near term. December gold was last down
$26.80 an ounce at $1,149.20.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow me on Twitter @jimwyckoff

 

 

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