Gold Continues Healthy Correction
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Gold is continuing its recent fall from grace. The precious metal is down $21 per ounce today on COMEX and is getting dangerously close to falling below the psychologically key $1300 level - last trading at $1312.
With the U.S. Federal Reserve and central banks around the world easing, speculators and others have run to gold to protect themselves from currency devaluation and possible inflation.
Gold has had a meteoric rise and the fundamentals still appear strong, however the recent correction looks real and has tested the metal of gold bulls.
The next few days will be crucial to see if the bulls can stage a rally of if the downtrend will continue.
Shares of Gold ETF (NYSE: GLD) is down 2.4 percent today and is down over 8 percent from recent all-time highs.
Market Vectors Gold Miners ETF (GDX) is down 2.7 percent today and down over 17 percent form all-time highs.
With the U.S. Federal Reserve and central banks around the world easing, speculators and others have run to gold to protect themselves from currency devaluation and possible inflation.
Gold has had a meteoric rise and the fundamentals still appear strong, however the recent correction looks real and has tested the metal of gold bulls.
The next few days will be crucial to see if the bulls can stage a rally of if the downtrend will continue.
Shares of Gold ETF (NYSE: GLD) is down 2.4 percent today and is down over 8 percent from recent all-time highs.
Market Vectors Gold Miners ETF (GDX) is down 2.7 percent today and down over 17 percent form all-time highs.
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