Gold Rallies Days After Goldman Closes Short (GLD)
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Gold prices swung higher on Tuesday, clawing back loses after dropping $200 in a single day earlier this month. Interestingly, the move comes days after Goldman Sachs said it closed its short position in the precious metal, locking in gains following a previous Sell recommendations. Some say the Sell recommendation was a key catalyst for gold's massive sell-off.
Gold prices recaptured $1450 per ounce in early trading and have since rallied above $1460 per ounce, its biggest 1-day gain since last year. In the past 5 days, SPDR Gold Shares ETF (NYSE: GLD) gained nearly 4.5%, although it is still significantly underwater on a year-to-day and monthly time frame.
Technically gold is still in a downward trend, say traders, and while Goldman Sachs closed its short, it continues to see downside pressure. Meanwhile, bulls are watching geopolitical concerns in Syria.
Gold prices recaptured $1450 per ounce in early trading and have since rallied above $1460 per ounce, its biggest 1-day gain since last year. In the past 5 days, SPDR Gold Shares ETF (NYSE: GLD) gained nearly 4.5%, although it is still significantly underwater on a year-to-day and monthly time frame.
Technically gold is still in a downward trend, say traders, and while Goldman Sachs closed its short, it continues to see downside pressure. Meanwhile, bulls are watching geopolitical concerns in Syria.
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