) --

Gold prices

keep plummeting but analyst predict the $1,100 support level will hold.


Ben Bernanke

couldn't buoy the gold market. The precious metal got a slight lift Monday after the

Federal Reserve Chairman said

that interest rates would stay low for an extended period of time. But the U.S. dollar's micro rally coupled with investor profit taking put pressure on gold prices. "We haven't seen any profit taking really in this market", says Mark Albarian, President and CEO of Goldline. "If you look at the chart, it's straight up. This is a good excuse, a good opportunity for profit taking."


U.S. dollar index

was rising .34% to $75.99 getting a boost as a safe haven asset. A stronger dollar makes commodities more expensive to own, so investors avoid gold in favor of less expensive assets like Treasuries. Bargain hunting should come into the gold market eventually. Currently investors are following the short term trend and waiting for the dust to settle after Friday's big sell-off before buying gold. "Friday was a pretty big hit....I think people are looking for some type of stabilization before you see big money come in."

Gold settled Monday

off its session lows closing at $1,164 but still significantly down from its $1,220 record high. Gold delivery for February was shedding $14.60 to $1,149.40 an ounce at the Comex division of the New York Mercantile Exchange. Gold prices have traded as high as $1,170.20 and as low as $1,142.70.

Silver prices were down 4 cents to $17.91 while copper was losing 4 cents to $3.16.

Mining stocks, a more leveraged way to

invest in gold

, were struggling along with the commodity and the broader equity market.

Barrick Gold


was losing 3.35% to $41.35 while

Newmont Mining

(NEM) - Get Report

EXCHANGE="NYSE" PRIMARY="NO"/> was shedding 1.87% to $51.00. Shares of

Freeport McMoran Copper & Gold

(FCX) - Get Report

were lower by 2.58% to $77.19 and

Yamana Gold

(AUY) - Get Report

was down 1.83% to $12.34.

Shares of the popular physically backed ETF,

SPDR Gold Shares

(GLD) - Get Report

, were flat at $112.48.

Market Vectors Gold Miners

(GDX) - Get Report

, a basket of large cap miners, was down 2% to $48.70 while

Market Vectors Juniors

(GDXJ) - Get Report

was losing 2.14% to $26.11.

>>Slideshow: How to Invest in Gold

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Written by Alix Steel in New York