Make Kitco Your Homepage

Gold at 4-week low as near-term technical posture weakens

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

Live 24 hours gold chart [Kitco Inc.]

(Kitco News) - Gold prices are holding sharp losses, have hit a four-week low and are trading near the daily lows in late-morning action Wednesday. Strong gains in the U.S. dollar index on this day are pressuring the precious metals. December gold futures have seen a bearish downside “breakout” from the recent sideways trading range on the daily bar chart, to produce some technical damage. A move in prices below solid chart support at the September low of $1,851.00 would give the bears more power to suggest a new leg down in prices in the near term. Indeed, the line in the sand for the gold market bulls to now defend is that price level. December gold last down $36.00 an ounce at $1,875.80.

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.