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Gold Extends Losses, Slips Below $1,200.00, On More Technical Selling, Bearish Outside Markets

Wednesday February 18, 2015 11:10 AM

(Kitco News) - Comex gold futures prices dropped below what was psychological support at the $1,200.00 level and hit a six-week low in late-morning trading Wednesday. Technical selling is featured this week as the chart posture for gold has deteriorated significantly recently. The key "outside markets" are also in a bearish mode for the precious metals Wednesday, as the U.S. dollar index is higher and crude oil prices are lower. April gold was last down $9.10 an ounce at $1,199.50.

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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Gold Extends Losses, Slips Below $1,200.00, On More Technical Selling, Bearish Outside Markets

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