Gold has been trading around the $1200 level for a good portion of 2014, $30-$50 either way. Eric Zuccarelli, independent metals traders, says he sees more volatility and consolidation in gold, rather than trying to pick a bottom. Zuccarelli believes gold will remain in this range for 2015 until something happens in the energy complex or with the U.S. dollar. One of the reasons he remains bearish is due to interest rate hikes, which many believe the Fed will initiate in 2015 and also because of the lack of inflation. As for copper, Zuccarelli explains it has come off a bit due to a pullback in Chinese demand and poor economic data, but by the end of 2015 he thinks there could be a supply shortfall.
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