Gold (GLD) Ends Sharply Lower as Fresh Near-Term Technical Damage Inflicted. The GLD sold off hard closing down $4.37 currently trading between $162.06 amd $162.13. Volume was average and buyers came in on the GLD pushing it from the low of $161.14 to the close of $161.99.
There is a a lot of liquid money in GLD and people tend to use these instruments as a way of investing in gold in a relatively liquid method.
Comex February gold futures prices ended the U.S. day session sharply lower, hit a fresh six-week low and dropped below important technical support levels Monday, as near-term chart damaged occurred. The precious metals saw fresh selling pressure coming from a stronger U.S. dollar index and weaker crude oil prices, following an unimpressive market place assessment of the just-completed European Union summit. February gold last traded down $49.40 at $1,667.40 an ounce. Spot gold last traded down $47.50 an ounce at $1,664.25. March Comex silver last traded down $1.113 at $31.14 an ounce.