NEW YORK ( TheStreet) -- Gold futures for June delivery are taking it on the chin today as stocks continue their march higher. June futures are trading down $24.30 per ounce as of this writing, at $1,576.60 per ounce.The SPDR Gold Shares (GLD) is down over $2.00 per share, currently trading at $152.63. Gold has succumbed to chart selling as futures were not able to maintain meaningful trade above the psychologically important $1,600 level. In addition, with today's selling gold has made a clear break below some key moving averages such as the nine- and 20-day exponential moving averages (EMAs.) This appears to have triggered a cluster of sell stops, which are likely largely responsible for today's slide.
Must See Charts: Possible Gold Breakout to Downside
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