Gold Swoons on Positive U.S. Data (GLD)
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SPDR Gold Shares (NYSE: GLD) is trading lower by 1.3 percent in pre-market trading on Thursday. The fall in GLD comes as spot gold prices break lower and retest $1600/oz.
Spot gold rejected prices near $1625 after ADP Employment was reported at 176,000 versus the consensus of 100,000. Higher employment in the U.S. is seen as a negative for gold, since it defuses mounting pressure on the Fed to launch QE3.
Technically gold has been a bit of a bucking bronco lately, with very choppy price action in a range-bound market. SPDR Gold Shares (NYSE: GLD) currently trades at 155.58. Spot gold trades at $1603.
Spot gold rejected prices near $1625 after ADP Employment was reported at 176,000 versus the consensus of 100,000. Higher employment in the U.S. is seen as a negative for gold, since it defuses mounting pressure on the Fed to launch QE3.
Technically gold has been a bit of a bucking bronco lately, with very choppy price action in a range-bound market. SPDR Gold Shares (NYSE: GLD) currently trades at 155.58. Spot gold trades at $1603.
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