Gold Barely Bounces, Speaks To Further Downside (NYSE:GLD)
Gold and silver are inching higher today after a major decline over the last week. The fact that the bounce is so small, tells intelligent investors more downside is likely. The SPDR Gold Trust (GLD) is trading at $118.54, +0.26 (0.22%). In the last week, the GLD has fallen from $133.00 to $118.00. Seeing this meager bounce is a warning sign for traders looking for an entry in this range.
Where will it drop to? The level is at $113.00. Once here, expect a near term strong bounce before it heads to its final low of $100.00.