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

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! ( 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. […]

Click here to view original web page at www.kitco.com

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.