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Gold Plunging in Early Friday Trading

As of 10:30 a.m. on Friday, gold is down more than 3 percent after breaking through technical support. The SPDR Gold Shares ETF (Arca: GLD) is currently down 2.25 percent at $137.63. Gold faced pressure today as the dollar continued to strengthen but later, failed to hold the technical support level of $1,440. Gold showed signs of being under pressure when Fed Chairman Ben Bernanke began to speak.

The precious metal staged an impressive recovery following an April plunge that saw it fall more than 14 percent over two days to close at $1,360.60–more than 28 percent off of its all time high of $1,901.

The SPDR Gold Shares ETF, the most heavily traded of all gold ETFs, remains well below its 50 day moving average of $147.42. Another key support level of $138.41 must hold or the ETF risks another strong move to the downside.

[stock-tools exchange="NYSE" symbol="GLD" image_height="180" image_width="300"]

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