Gold Price Extends Early Losses, Hits Another 10-Month Low

New York (Dec 5)  Gold prices are solidly lower and have hit another 10-month low in late-morning dealings Monday. Sell stop orders were triggered in the futures market when prices dropped below what was near-term technical support at last week's low of $1,162.20. The very weak near-term technical posture of the gold market continues to invite chart-based sellers, who reckon the path of least resistance for prices will remain sideways to lower for a while. The upbeat investor and trader attitudes in the marketplace the past few weeks continue to pull demand away from the safe-haven yellow metal. February gold futures were last down $18.20 an ounce at $1,159.60.

Spot silver slides nearly 1% to $16.58, while palladium bounces up $6 to $746.

Source: KitcoNews