Gold ETFs at First Support

03/04/2009 9:41 am EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

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The sharp drop in gold futures and gold stocks from last week's highs has taken the gold ETF (GLD) and the gold miners ETF (GDX) back to the 38.2% support level. A bounce is possible from these levels, as GDX closed higher Tuesday, but tests of the 50% support levels at $82.50 (GLD) and $27 (GDX) cannot be ruled out.

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