Gold ETFs at First Support

03/04/2009 9:41 am EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

chart

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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