Yesterday at it’s high gold was trading at $1393 per ounce. Right now it is trading at $1357.50. It has dropped below an important support level. Where it will close is anyone’s guess. See what I mean about volatile? It does this kind of thing all the time. Wild swings up, dramatic plunges down. One has to have a strong stomach to participate in this type of market. Some investors will be saying, “See, the end of the gold bull. I told you it was over valued!“ And others will be watching the drop and will be certain that it is just gold consolidating and will have a price point in their heads and they will use the drop to add more to their position.
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