Goldman Sachs Level of $1,050 in Gold Could Be Next if It Breaks $1,130

Gold has been under pressure as the U.S. dollar remains strong. Tom Vitiello of Aurum Options Strategies tells TheStreet's Jill Malandrino the yellow metal gained some ground after it hit a 3.5-month low on the overnight, but that was mostly due to short covering. Since commodities are priced in U.S. dollars, as the currency moves higher in conjunction with interest rate hike speculation, gold and the other complexes get hit. Near-term levels Viteillo is looking at are $1,130 for support and key psychological levels of $1.180 and $1,200 for resistance. If $1,130 is challenged, we could see the Goldman Sachs level of $1,050.