Gold broke through important levels of support at $1,180 and $1,160, Eric Zuccarelli, independent metals trader on the NYMEX trading floor, tells TheStreet’s Jill Malandrino. To the downside, technical levels Zuccarelli is watching are $1,140 and then $1,080. Dropping below these support levels has led to more short selling, in addition to fundamental factors like the strength of the U.S. dollar and interest rate hike speculation. Crude continues its slide because of the oversupply situation and declining fundamentals. Zuccarelli points out Goldman Sachs sees crude moving lower sooner than later and $30 per barrel is not out of the question. In fact, there is chatter in the market space crude could even get in the $20s.
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