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Gold Extends Early Losses To Trade Sharply Lower

(Kitco News) - Gold prices are trading sharply lower in late-morning dealings Friday.
Profit-taking pressure ahead of the weekend, less risk aversion in the marketplace late this week, and a sharply higher U.S. dollar index that hit a three-week high Friday, are all working against the gold market bulls. No significant chart damage has been inflicted, however, and the bulls are maintaining their firm near-term technical advantage as prices remain in an uptrend on the daily chart. April gold was last down $21.00 an ounce at $1,218.00.

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

 

 

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 precious metal products, 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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