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Gold Barely Bounces, Speaks To Further Downside

|Includes: SPDR Gold Trust ETF (GLD)

Gold and silver are inching higher today after a major decline over the last week. The fact that the bounce is so small, tells intelligent investors more downside is likely. The SPDR Gold Trust (NYSEARCA:GLD) is trading at $118.54, +0.26 (0.22%). In the last week, the GLD has fallen from $133.00 to $118.00. Seeing this meager bounce is a warning sign for traders looking for an entry in this range.

Where will it drop to? The level is at $113.00. Once here, expect a near term strong bounce before it heads to its final low of $100.00.

Gareth Soloway