[/caption]The gold price saw some major correction today. As of 2:20 pm the price for one ounce of gold was $1,365.11. That is down $37.99 for the day.
The steep losses came overnight. Now gold is trading well below the $1,400 mark. It looks like many investors had implemented stop losses for their overnight positions. Once the stop prices were triggered many position flooded the market.
The volatility of gold can be very large and corrections can be as much as $100 in one day, which was last seen in July 2010. The long term outlook for gold is still very good. The money printing ordered by the Fed in order to cure the economy will continue to drive prices back up.
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