Gold Extends Early Losses To Trade Sharply Lower, Hits 5-Mo.
Gold Extends Early Losses To Trade Sharply Lower, Hits 5-Mo. Low
Friday November 11, 2016 09:53
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188)
(Kitco News) - The gold market has seen selling pressure accelerate in mid-morning dealings Friday. Prices have dropped to a five-month low on technical selling pressure and amid an improved risk appetite among traders and investors worldwide late this week. December gold prices dropped below what was important near-term chart support at the October low of $1,243.20. The breach of that price level triggered sell stop orders in the futures market.
There appears to be widespread selling in many other markets heading into the weekend. As of this writing, it's unclear why that selling is occurring.
If this selling pressure in other markets persists as the day progresses Friday, then such could actually benefit safe-haven gold. But right now the yellow metal remains under strong selling pressure. December gold was last down $22.90 an ounce at $1,244.00.