Gold has been in a 2-year bear market, which has seen failed rallies on the back of various news events. Continued strength in the US economy and labor market has offset political and economic events since the Gold market turned bearish in 2013.
“Ross identified the $100 level in the GLD, which correlates with $1,000 an ounce in the underlying commodity of the first psychological level that could be breached. Once that support is broken, Ross expects the GLD to fall as low as $85, a more than 17 percent move from its current price of around $103,” reports CNBC.
SPDR Gold Shares
Tom Lydon’s clients own shares of GLD.