Gold Breaks Key $1,200 Level, Crude Continues to Struggle Finding Support
Metals trader Eric Zuccarelli says the destruction of the euro is a big factor to gold moving a bit higher as it puts more faith and value in the metal.
Eric Zuccarelli, independent metals trader on the NYMEX trading floor, says the destruction of the euro is a big factor to gold moving a bit higher as it puts more faith and value in the metal. Zuccarelli says the volatility in gold is what's interesting for day traders because of the $40-$50 swings in a matter of a couple of days. Longer-term he remains bearish due to the lack of inflation. Zuccarelli explains the action in the commodity complex, particularly with oil, will continue to lend strength to the U.S. economy. While Zuccarelli may look at crude at these levels, he is concerned about the the momentum of selling after breaking through the key level of $50.
