Gold has made an amazing run topping $1000 in the middle of March, 2008. From there though a huge three day sell off had investors taking profits and institutions changing hands in a big way. Since the sell off the precious metal hasn't been able to rally and continues to lose ground. Is the gold bull market over?
Tonight I have featured two big ETFs that give a great representation of what gold and its sector stocks are up to. The first is the Streettracks Gold Trust (GLD) which tracks the price of gold bullion, and secondly I have Gold Miners Fund (GDX) which tracks the Amex gold miners index (stocks like GG, AUY, ABX, GOLD, etc.). GLD is still technically holding up, but the sell off today puts GDX completely in the bears hands. Let's take a look.
From here the hope for gold bulls is that the precious metal can hold the $875 key support level (GLD $86. See chart above). Either way you look at it though there will need to be a significant price recovery for gold to make a good comeback. The recent strength in the dollar only adds to the case that gold is done with its long term move.