Gold Extends Earlier Losses To Trade Sharply Lower
(Kitco News) - Gold prices are trading solidly down and at a four-week low in late-morning action Friday. Early losses have been extended on technical selling pressure, including sell stop orders being triggered when key chart support levels were breached. Bearish "outside markets" today that include a higher U.S. dollar index and lower crude oil prices are pressuring the precious metals markets. Both gold and silver prices are headed for technically bearish weekly low closes on a Friday, which would then suggest follow-through selling pressure early next week. December gold was last down $16.70 an ounce at $1,208.30.