Bugs Scatter like Roaches as Gold Cracks $1700 (GLD) (AIU) (SLV)

November 2, 2012 10:39 AM EDT
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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.

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