Gold Fails To Shine
The SPDR Gold Shares (NYSEARCA:GLD) have rallied sharply higher since December 29, 2011 when the highly popular ETF traded as low as $148.27 a share. This morning the GLD is trading lower by 0.67 cents to $159.85 a share. Short term traders can watch for intra-day support around the $159.60, and $159.00 levels. Traders can watch for quick intra-day bounces around these levels. Should the GLD continue to decline below these support areas the next important level for an intra-day bounce will be around the $158.25 area.
Many of the leading gold mining stocks are also trading flat at the start of the trading session. The Market Vectors Gold Miners ETF (NYSEARCA:GDX) is trading lower by 0.02 cents a share. Traders can watch for intra-day support around the $52.50 area.