Movers and Shakers (GOLD) Down $11.39 (12.4%) to $92.01

Chart Glance: Broader Moving Averages prove that GOLD is still in a down trend and momentum indicators do not show an oversold stock as of yet. After a multi-month consolidation between 115-100. GOLD seems to have lost its footing with the bearish gap down today. A lot of the Gold mining stocks are extremely volatile and if you do not have a strong stomach then you should definitely consider staying away.

50DMA-($111.17) 100DMA- ($109.74) 200 DMA- ($102.74)

Support 1:$92.55 Support 2: $89.92

GOLD is a primary component of the senior minors (GDX). GOLDs Geo-Political risk in Mali is currently compromising the interest in GOLD stock. Gold was downgraded to underweight today at JPM. A lot of the traders I know are all saying the same thing. GOLD (physical commodity) will dip below $1600 (major support) level and bounce to …. Turkish Government is seeking to transfer private Gold holdings into its current banking system (Reuters reports). Also, Thomson Reuters GFMS stated, “Gold $2,000/oz is possible.” Keep in mind, “gold is the best hedge for inflation.”