Today's spot gold is taking off to the upside as investors digest what's going on in Cyprus. It seems that traders and investors are once again buying gold instead of believing in the fiat currency that runs the world.
The Technicals
Today, the SPDR Gold Shares (GLD) is trading higher by $1.79 to $155.72 a share. Short-term traders should watch for intra-day chart resistance around the $156.20, and $157 levels. GLD's daily chart has potential upside to the $160 level.
Gold mining stocks are also trading higher at the start of today's trading session. The Markets Vectors Gold Mining ETF (GDX) is one of the best ways to track the action in the gold mining stocks. Today, the GDX is trading higher by 0.50 cents to $37.84 a share. A few of the gold-mining stocks that were higher on the day's start include Barrick Gold Corporation (USA) (ABX), Goldcorp Inc. (USA) (GG) and Yamana Gold Inc. (USA) (AUY).