Gold Melts Down as China Shuns the Yellow Metal: StockTwits

NEW YORK (TheStreet) -- Gold melted down Tuesday. And a majority of investors on StockTwits.com say the charts show that the yellow metal will continue to soften.

as $GDX tanks today, $JNUG loses its grip below $20 --> $NUGT still above $35...for now. $GLD below the 200day SMA. More pain for #goldbugs?

-- ETFdb (@ETFdb) Apr. 15 at 09:58 AM

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 AM

Investors 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.

$DUST $GDX $GDXJ $GLD $JDST $JNUG $NUGT $GLDS $GLDL Copper, palladium and gold all crushed.... why? China story BS http://stks.co/j0V63

-- Jeff Salisbury (@JS_TWITS) Apr. 15 at 09:48 AM

If you liked this article you might like

Gold, Google, SEC Hack - 5 Things You Must Know Before the Market Opens Thursday

Here's the Hottest New Way to Get Rich With Gold

How to Invest in Unstoppable Gold Prices

Novice Trade: Gold ETF

Will Gold Make You 25,000% Richer Like Bitcoin?