This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Gold Plummets After Breaking Below Support (Update 1)

Updated from 11:09 a.m. ET with settlement prices

NEW YORK ( TheStreet) -- Gold prices plummeted on Friday as a breakthrough technical support triggered broad selling.

Gold for June delivery at the COMEX division of the CME dropped $32 to settle at $1,436.60 an ounce. The gold price traded as high as $1,461.20 and as low as $1,418.50 an ounce, while the spot price was slumping $22, according to Kitco's gold index.

Technical support at $1,440 an ounce failed to hold up as traders tested the level and broke below it, causing a deeper slide as the price hit electronic stops, said Phil Streible, senior commodities broker at RJO Futures.

Silver prices for July delivery lost 25 cents to $23.66 an ounce, while the U.S. dollar index was jumping 0.52% to $83.13.

Among gold miners, Kinross Gold (KGC - Get Report) was slipping 3.4%, while Newmont Mining (NEM - Get Report) was dropping 1.5%.

Among volume leaders, Barrick Gold (ABX - Get Report) was off 1.9%.

Gold ETF SPDR Gold Trust (GLD) was decreasing 1.3% to $138.98 a share, while iShares Gold Trust (IAU) was down 1.3% to $13.96.

-- Written by Joe Deaux in New York.

>Contact by Email.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
IAU $12.42 -0.24%
GLD $122.96 -0.23%
ABX $18.38 -3.82%
KGC $5.41 -4.08%
NEM $33.83 -1.49%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs