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 it’s 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.

About Nicholas Santiago 575 Articles


Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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