Bugs Scatter like Roaches as Gold Cracks $1700 (GLD) (AIU) (SLV)
Tweet
Share
E-mail
SPDR Gold Shares ETF (NYSE: GLD) is getting buried today, with spot gold collapsing below $1700 per ounce. A slew of positive economic data in the U.S., including today's strong jobs gains, fueled gold's latest leg lower.
Gold, often viewed as a bet on hyper-inflation, faced intense resistance at $1800 per ounce last month. With heavy overhead resistance as a backstop, gold bears have been chipping away at bulls with day after day of positive data – consumer confidence, ISM, housing, PMI. The last straw came with today's above consensus non-farm payroll figures, which showed gains of 171,000.
With $1700 in the rear-view window, the downturn accelerated to $1690, and looks to test lower, with tentative support seen near $1675.
SPDR Gold Shares ETF (NYSE: GLD) is lower by 1.3 percent. iShares Gold Trust ETF (NYSE: IAU) is also trading lower.
iShares Silver Trust ETF (NYSE: SLV) declined by over 2 percent.
Gold, often viewed as a bet on hyper-inflation, faced intense resistance at $1800 per ounce last month. With heavy overhead resistance as a backstop, gold bears have been chipping away at bulls with day after day of positive data – consumer confidence, ISM, housing, PMI. The last straw came with today's above consensus non-farm payroll figures, which showed gains of 171,000.
With $1700 in the rear-view window, the downturn accelerated to $1690, and looks to test lower, with tentative support seen near $1675.
SPDR Gold Shares ETF (NYSE: GLD) is lower by 1.3 percent. iShares Gold Trust ETF (NYSE: IAU) is also trading lower.
iShares Silver Trust ETF (NYSE: SLV) declined by over 2 percent.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Gold prices steady below $2,400; Rate fears, dollar pressure persist
- US EPA To Announce By Week End Plans To Temporarily Waive Restrictions On Higher-ethanol Gasoline Blends This Summer - Sources - Reuters
- CME Group (CME) Metals Complex Reaches All-Time Daily Volume Record
Create E-mail Alert Related Categories
Commodities, ETFsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
