After reaching nearly $2100 per ounce in futures trading, gold has been put through the wringer recently, having tumbled last night to as low as $1875. No one knows if there’s more selling forthcoming (although personally my main hang-up is that gold is acting way too much like the S&P 500, as all assets seem to be moving together).
The GLD chart reflects a zone of support a 179.16. If brutal selling resumes, there’s not much holding it up until about $171.
