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[video] Quick Take: Strong Dollar Sinks Gold Prices

Stocks in this article: GLD

NEW YORK (TheStreet) -- WTI crude oil prices slipped to $95 per barrel for the first time since June, while Brent crude oil prices remain stable as production issues in Libya continue to linger.

Gold fell by double digits for the second consecutive session. Jim Wyckoff, senior analyst at Kitco.com, told TheStreet's Joe Deaux most of the move in gold can be traced to the more hawkishly perceived Federal Open Market Committee statement from the Federal Reserve on Wednesday, which also boosted the value of the U.S. dollar. 

He added that weakening WTI crude prices are certainly not helping matters for gold bulls. 

With this new perception of the Fed's potential tapering efforts in hand, does it mark the end of the short-term gold run? 

According to Wyckoff, that's yet to be determined. Although the bullish technicals are starting to fade, the commodity is moving into a neutral territory between bulls and bears. 

However, he said that bulls would need to show some strength if they want to have a chance at preventing gold prices from slipping lower. Wyckoff concluded that if gold prices break $1,300, it could trigger a lot of stop-loss orders, adding even more pressure to the downside.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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