Choppy Action Expected for SPDR Gold Shares (GLD)

Article Stock Quotes (1) Comments (0)

SPDR Gold Shares (NYSE: GLD) is expected to open lower on Monday, as gold futures track lower. The move lower is directly tied to positive results in the Greek elections. Bulls were hoping a leftist party victory there would force central bankers to rush to provide liquidity. As it is, the pro-austerity party won and central banks may or may not provide further quantitative easing. As expected, the price action in Asia on Monday was extremely choppy.

The short term trend in gold remains upwards, and the fact that support at 1600/oz is holding up may allow longs some protection when entering at currently levels. However, many traders are preparing for more choppiness in the days ahead, and a range-bound pattern could emerge.

Importantly, the FOMC meets on Wednesday this week.

---

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW

---

*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here

---

---

You May Also Be Interested In

• Gold Lower Ahead of FOMC Minutes on Signs of Early QE Exit (GLD) (IAU)
• Markets Fluctuate on Chatter of Early QE Exit by Fed
• Natural Gas Storage Grows 99 bcf vs 95 bcf Gain Expected

Create E-mail Alert Related Categories

Commodities, ETFs

Related Entities

Federal Open Market Committee

Add Your Comment

Name

Subject

Body

Share on Facebook

Verification
can't see the text?
click here to refresh the image.
what's this?