Gold And Silver Stuck In A Holding Pattern

From the staff at The Technical Trader……

The SPDR Gold Shares (GLD) and the iShares Silver Trust (SLV) are both trading slightly lower this morning. These two precious metals will usually trade inverse to the U.S. Dollar, therefore, traders should follow the dollar closely. Short term traders can watch for intra-day support on the GLD around the $167.00, and $166.00 levels. The SLV will have intra-day support around the $32.25, and $31.80 levels.

Some other ways to trade the gold and silver markets are to use the Sprott Physical Gold Trust (PHYS),Sprott Physical Silver Trust ETV (PSLV), and the iShares Gold Trust ETF (IAU). All of these trading vehicles trade in a very similar fashion.

Chinese Internet Stocks Are The Weak Link Today
This morning, all of the leading Chinese internet stocks are declining lower. Baidu Inc (BIDU) is considered the leading Chinese ADR in the market. Today, BIDU stock is trading lower by $2.83 a share. Short term traders should watch for intra day support around the $137.00, and $135.00 levels. The daily chart is holding up fine for BIDU at the moment.

Some other leading Chinese internet stocks that are declining lower this morning include Netease.com Inc (NTES), Sina Corp (SINA), and Sohu Corp (SOHU). All of these stocks have different daily charts, however, these stocks will often follow BIDU closely intra day.

Read more at Gold ETF Trader