Gold Market Is Becoming Very Data Dependent and Reactionary

Gold has come back down below the key technical and psychological level of $1,200 where it has been trading range bound around all year. Tom Vitiello of Aurum Options Strategies tells TheStreet's Jill Malandrino that gold is becoming more data dependent and reactionary. Vitiello says the market feels fundamentally weak, but the structure will eventually correct itself. The key is getting longs back into the market getting through interest rate hike timing speculation, which is driving the headlines. $1,180 is a very important support level, although Vitiello sees gold moving lower beyond that to $1,130 in the near term.