Gold Digests Jobs Data, Copper is Better to Buy, Crude Has Some Room Lower but Moves Higher in 2015
Gold saw tremendous swing following the Swiss referendum as voters rejected the measure forcing the Swiss National Bank to acquire more gold. Eric Zuccarelli, independent metals trader, tells TheStreet’s Jill Malandrino there was a significant reversal bottom put in on Monday and that was key not taking out $1,130. Trading remained flat for the remainder of the week and Zucarrelli says next week will be about digesting the jobs data and interest rate hikes. $1,200 remains a key level as 2013 closed at $1,206, and Zuccarelli points out gold is actually unchanged on the year, despite how volatile it has traded. Copper did not react well either in the beginning of the week due to speculation of a large fund liquidating, although Zuccarelli thinks it is a better buy than others in the metals complex. Alan Harry of Harry RE Trust expects more volatility through the end of the year in crude and it could move lower, but not that much. He sees the bottom at $61.50-$63.50 and expects it to move higher in 2015 due to heating season and OPEC eventually being forced to make cuts as crude levels start to impact the economy. Natural gas is at a low at the moment and Harry sees it spiking, especially when a cold weather streak hits.
