Daily Gold Update

Source: Marketwatch

New York— Gold futures closed with losses Monday, extending their decline from the previous session, as investors continued to lock in gains. Gold for April delivery declined $4.10 to end at $909.40 an ounce on the New York Mercantile Exchange. Earlier, gold futures hit an intraday low of $896 an ounce.

This is "mainly a technically driven sell-off," said Zachary Oxman, a senior trader at Wisdom Financial. He expects more technical pressure from the near-term breach of support levels that failed to hold. "On the fundamental side, signs were given last week that the efforts of the U.S. government and the Federal Reserve were beginning to have an impact on reversing the downward slide in the credit situation," Oxman said. That reversal has lifted U.S. stocks off their lows. "The primary reason for gold's weakness remains that it had become overbought in the short term and was due [for] a correction," said Mark O'Byrne, executive director at Gold & Silver Investments Ltd. See full story.