Wednesday, March 10, 2010

GLD Plunges

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Former European Commission president Romano Prodi, who on Wednesday roundly proclaimed the end of instability and the start of a new and happy era for the eurozone, even as other European leaders were still locked in heated debate over possible pitfalls ahead for the euro and for Greece. >>READ

When I first heard this early this morning...what came to mind is 'will Europeans sell their gold?' After all the price of gold was hitting all time highs?!(In Euros) The panic & fear may be subsiding, however the problems still remain in Greece and the PIIGS.

I highlighted in the 2 hour chart of gold yesterday that $1110 was key short term support. As for GDX the suggested $45 STOP remains still in place currently GDX intraday trading $45.15.

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