Gold prices fell below $1,600 an ounce Thursday on lingering disappointment the Federal Reserve didn’t announce more easing measures aside from extending Operation Twist.
Gold ETFs such as SPDR Gold Shares (NYSEArca: GLD) were down more than 2% in afternoon trading.
GLD has been encountering solid resistance at its 50-day exponential average every time the precious metal fund rallies to this technical indicator.
Fed chief Bern Bernanke on Wednesday said the central bank remains prepared to step in with further stimulus if the jobs market falters.