Gold Futures Struggling as Prices Hover Near 5.5-Year Low -- Senior Analyst

Kitco News -- December gold futures prices ended a very choppy U.S. trading session lower and hit a fresh low Thursday. ‘December gold dropped below what was strong chart support at the summertime low of $1,073.70 …this triggered sell stop orders and produced fresh near-term technical damage to suggest still more selling pressure in the coming days,’ said Jim Wyckoff, Senior Metals Analyst for Kitco Metals. Gold futures prices are hovering near a 5.5-year low, with December Comex gold last quoted down $4.00 at $1,080.90 an ounce. ‘A drop below the summertime low of $1,072.30, basis nearby Comex gold futures, would produce longer-term chart damage, to suggest a challenge of major psychological support at the $1,000.00 level in the coming weeks,’ said Wyckoff in an interview with Kitco News. Gold futures prices have been trending lower since the September 2011 all-time high of $1,923.70 an ounce. ‘Gold prices did briefly rally and push above unchanged in late morning trading. Bargain hunters stepped in to ‘buy the dip,' Wyckoff added.

undefined