Gold Price Extends Early Losses, Hovers Near 5.5-Year Low

New York (Dec 2)  Gold prices are seeing increased selling pressure and have extended early losses to trade moderately lower in late-morning trading Wednesday. The US dollar index has pushed to a fresh seven-month high Wednesday and crude oil prices are lower, to provide a bearish "outside market" influence on the precious metals markets on this day. An upbeat U.S. ADP national employment report also landed in the camp of the gold market bears. A drop in gold prices below strong chart support at last week's contract low of $1,051.60 in February futures and below solid support at $1,150.00 would likely trigger pre-placed sell stop orders that would fuel further price pressure.

February gold was last down $8.50 an ounce at $1,055.20.  Spot silver lower by 9 cents to $14.09, while platinum fell $5 to $836 and palladium plummeted $8 to $535...near a multi-year low.

Source: KitcoNews