Gold Extends Early Gains As U.S. Stock Market Losses Steepen

(Kitco News) – Gold prices continue to get a safe-haven bid and are posting solid gains in late-morning trading Friday–adding to early advances as the U.S. stock market trades sharply lower. The major U.S. stock indexes have hit multi-month lows today and are presently at daily lows. Look for gold prices to continue to appreciate as long as there is turmoil in the marketplace. The move above what was chart resistance at $1,243.00 in December gold futures triggered heavy buy stop orders to drive prices still higher. December gold was last up $11.50 an ounce at $1,244.20.

By Jim Wyckoff
For Kitco News


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