Gold (GLD) Down In Sentiment With Other Commodities and US Assets

Gold futures are closing down today approximately $20.20 to $1107.30 as other commodities and US assets fall in tandem.

SPDR Gold Shares (NSEArca: GLD) are also down $1.90 to $108.44 on heavy volume of over 17M shares.

With negative sentiment today in Greece and India tightening their base interest rates, commodities across the board are selling into the close.

Since Gold and other commodities are traded in U.S. currency their prices tend to fall as the dollar rises and makes contracts more expensive to buy with foreign currency. Many investors also believe a slowdown in global demand and general aggregate demand will cause Gold to break the $1,100 support level.

Look for support on GLD at $108.00 with the next support level of approximately $105.00.