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UPDATE: Gold Extends Early Losses on More Technical Selling, Weak Long Liquidation
Wednesday October 9, 2013 10:22 AM
(Kitco News) - Comex gold futures prices are trading sharply lower and near the daily low in late-morning dealings Wednesday. December futures prices have fallen below the psychological $1,300.00 level. The market has seen intensified selling pressure due to the sell stops being triggered and due to general chart-based selling. Also, weak-handed longs are being forced out of the market as gold prices sell off. Traders are awaiting the afternoon release of the FOMC minutes of last month's meeting. December gold last traded down $27.30 an ounce at $1,297.20.