Metals Trader Says Now May Be the Time to Go Bottom Fishing

Gold continues to trade down through key technical levels as China unloads a big position and global demand remains weak. On Sunday night, gold moved lower by $50 to below $1,100 in just one minute as an 8,000-lot sell order came to the market. Eric Zuccarelli, independent metals trader on the NYMEX trading floor, tells TheStreet's Jill Malandrino that all of this consolidation around the $1,100 level does not bode well for gold from a technical perspective. The momentum to the downside started last Friday when gold broke down below $1,143, settling down around $15 lower. Fundamentally, Zuccarelli says Greece coming to somewhat of a decision on its debt, the resolution of the Iranian energy deal and Fed Chair Janet Yellen's commentary on Friday suggesting an interest rate hike may be coming in September, were key catalysts to put the nail in the coffin of the gold bull.