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News Link • Precious Metals

Comex Gold Extends Losses, Down Sharply on Profit Taking, Weak Long Liquidation

04 August 2011, 12:50 p.m.
By Jim Wyckoff
Of Kitco News

(Kitco News) - Comex gold futures are trading sharply lower and near the daily low in a wild trading day in the market place. Fear and uncertainty are the buzz words at midday Thursday. "When in doubt, get out" is an old trading adage that many traders have adopted Thursday. Profit-taking pressure and weak longs being forced out of the gold market are featured, following the recent strong run that saw December gold hit a fresh all-time record high of $1,684.90 in earlier trading. Technically, Thursday's price action in December gold is now producing a bearish "outside day" down on the daily bar chart, whereby the high is higher and low is lower than the previous session's trading range, with a lower close.


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