Gold bulls had a rough start to the week as the yellow metal spike below the key $1,200 level due to the strength in the U.S. dollar. For most of 2015, gold has been trading in range around $1,200 as it struggles to find conviction to the up or downside as interest rate hike speculation is trumping fundamentals. It has mostly been more of a technical trade. Commodities are priced in U.S. dollars, so as the greenback moves higher, instruments like oil and gold generally move lower, and the inverse applies due to the strong correlation in the moves. The U.S. dollar moved higher on the durable goods report released Tuesday morning suggesting business investment is slowly starting to pick up following stronger-than-expected consumer prices last week. Tom Vitiello of Aurum Options Strategies tells TheStreet's Jill Malandrino that the gold market got a little bit crowded on the long side, so when the positive durable goods number came out, coupled with the higher U.S. dollar movement, bulls moved to liquidate and that created the sharp move lower. Vitiello explains gold could see further pressure to the downside as there were less shorts in the market previously than at these levels.