NEW YORK ( Fabian Capital Management) -- When the SPDR Gold Shares (GLD) famously broke below its prior level of support at $130 back in June, it was widely believed that the yellow metal would forever perish into the abyss.The breakdown below that key baseline seemed to vastly separate the gold bugs from the gold haters, with the level of contempt for the price slide vastly skewing the consensus to the negative. Many market pundits were calling for GLD to fall to $100 or lower, with the bulls seemingly nowhere in sight.
Gold: Prior Support Becomes Level of Resistance
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