If you’ve been betting on gold this year, watching it fall day after day – including a few spectacular crashes, like the one we’ve seen over the past few trading sessions – has probably not been fun.



Click to enlarge.

As the daily candlestick chart at right shows, the shiny yellow metal hasn’t spent many days in the green.

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Today, the price of an ounce of gold dropped below $1200 for the first time since August 2010, hitting a low of $1196.10 this afternoon before bouncing back to current levels just above $1200.

BofA Merrill Lynch technical strategist MacNeil Curry argues today in a note to clients that “further gold downside [is] limited.”

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