Fundamental Picture Still Looks Poor for Gold, Copper

Gold moved slightly higher Tuesday morning as U.S. retail sales came in weaker than expected, but has come back in as the dollar is moving higher. Trading in the commodity complex was largely driven by the move in the U.S. dollar. With the uncertainty in the eurozone and Chinese stock market, the U.S. dollar is back in an uptrend. For most of 2015, gold has been trading in range around $1,200 as it struggles to find conviction to the up or downside as interest rate hike speculation and macro uncertainty is trumping fundamentals. Eric Zuccarelli, independent metals trader on the NYMEX trading floor, tells TheStreet’s Jill Malandrino that while he has been bearish on gold over the past couple of years, he is surprised to see it trading at these lower levels with so many variables up in the air. Typically, gold is seen as a safe haven asset and when it is not trading bullishly, that concerns Zuccarelli, especially with a terrible technical picture on the charts.