Gold Price Extends Early Losses to Trade at 8-Month Low

New York (July 17)  Gold prices are trading moderately lower and have hit a fresh eight-month low in late-morning dealings Friday. August gold futures hit a new contract low of $1,131.70 as of this writing. The U.S. dollar index has firmed up a bit Friday morning, while crude oil prices have hit a four-month low. These two key "outside markets" on this day are adding to the very bearish overall tone to the gold and silver markets. Sellers are having their way in the precious metals this week. While the bears have the strong overall technical advantage, the gold market is now short-term oversold, technically, and due for a corrective, short-covering bounce very soon. August gold was last down $11.80 an ounce at $1,132.10.

Spor silver edged down 13 cents to $14.90, and platinum tumbled $10 to $997 while palladium plunged nearly $11 to $618 (a muti-month low).

Source: KitcoNews