Gold Lower Following Strong July Retail Sales (GLD)
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SPDR Gold Shares ETF (NYSE: GLD) is lower today as the spot price of gold traded down for the second day in a row, breaking below $1600 per ounce. Today’s downdraft is tied to a strong Retails Sales print in the U.S., which some say complicates the Fed’s decision on whether or not to launch QE3.
From a technical perspective, traders say the commodity's recent failure at $1630 per ounce puts downside targets on the front burner.
SPDR Gold Shares ETF (NYSE: GLD) is lower by 0.53 percent late on Tuesday.
From a technical perspective, traders say the commodity's recent failure at $1630 per ounce puts downside targets on the front burner.
SPDR Gold Shares ETF (NYSE: GLD) is lower by 0.53 percent late on Tuesday.
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