Gold Melts Down as China Shuns the Yellow Metal: StockTwits
ETFs that track the price of gold and gold miners, including SPDR Gold Trust (GLD), Direxion Daily Gold Miners Bull (NUGT), Market Vectors Gold Miners (GDX) and Market Vectors Junior Gold Miners (GDXJ), dominated the StockTwits.com trending bar of most-discussed tickers Tuesday morning, as gold dropped 2.5% to $1,294 an ounce. $1,300 an ounce was considered a key support level, given the metal's 200-day moving average.
All downside targets hit in gold space $GDX $GDXJ $SLV $ANV $ABX $DUST -- Gary G. (@alphahunt) Apr. 15 at 09:56 AMInvestors said dollar strength on yesterday's stronger-than-anticipated retail sales put pressure on gold prices. They also blamed news out of China that indicated the country's demand for gold was fueled by Chinese business efforts to use gold as collateral and not consumer desires to own gold jewelry and items.
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