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