Gold is back up near the key psychological trading level of $1,200 as the U.S. dollar has pulled back. Eric Zuccarelli, independent metals trader on the NYMEX trading floor tells TheStreet’s Jill Malandrino the dollar-dominated gold trade has been the trend and there is more upside as he does not resistance until about $1,220-$1,225. Copper saw a very volatile session yesterday afternoon as news hit about an earthquake in southern Peru and Chili, sending the metal up $0.13, which is tremendous move. Once the market found out there was no real damage to the area in conjunction with poor Chinese PMI data on the overnight, copper gave up all the gains. Zuccarelli expects copper to remain range bound following the move.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
