Melting Gold. Watch This Level
This morning the popular SPDR Gold Shares(NYSE:GLD) are trading lower by 0.90 cents to $132.17 a share. The GLD looks to be taking a breather from its recent two week rally. The GLD will have some minor intra-day support around the $132.10 area. However, there will be more intra-day support around the $131.60 area for the GLD. This is a level where scalp traders can look for a small intra-day bounce.
Silver and gold mining stocks are also under pressure today. The ishares Silver Trust(NYSE:SLV) will have some short term intra-day support around the $29.00 area and more around the $28.60 level. Both areas could see quick short term bounces.