DEC13 gold is down big today, trading to $1,330, or down $34. Gold has broken some key support levels recently, one at $1,390, and more recently at $1,336. Our next level to watch for support is $1,300.
Gold got off to a relatively strong start overnight as prices opened firmer overseas and briefly retook the $1,600 level. The bulk of the gains were driven by the perception that the rescue plan for Spain’s banks would be euro-beneficial.