Apr. 15 - NYMEX trader Tom Vitiello says gold investors have been selling their positions in gold based on technical levels, but points out the sell-off may be overextended on the downside.
Gold prices plunging trader -- yellow jointly from the New York trading floor with a reason why in this lightning round on golf. Tom why are prices sinking a ten today like it's it's a massive liquidation wouldn't say it's one reason for this convergence of water. We had Mario Draghi on Friday discussing tiger's old maybe some of that. Here Italy Spain with a couple of look I'm not saying -- -- -- -- happened but I think that the warms it and pushed out what's appropriate and 25. It was a triple bottom. -- anyone who wore gold last year. When you -- so they have to get out of them. Since when you think massive liquidation just what does that mean in terms of how much further goal plunge. Well there's always a physical fire at school comes off. And it's obviously the futures and the people walking is overtaking and so we went to the free agency wants to prove that level is really just that just. How can this bear market lasts you know we have we have a 50% retracement. That was from succeeding one woe to the nineteen. And that's thirteen hundred so we have to see -- -- It's also -- low of 2000 look it's a very big numbers and that we got about fifty dollars. What happened it feels -- -- idea -- gulf. Well at this point you have to look at the charts and you know the fundamental sometimes. You -- all of whom would you believe that you have to react to be here at this point -- look -- this could be an over extension. Just like -- -- -- in 1950 and the redundancy to me. -- -- -- -- -- Well let's turn this thing around -- think it's selling. I think you have to get about some really -- levels 1556. And when we get positive. Announcing a little bit of the team's game to watch him. If you can just. Top that's yellow thanks for joining me for the lightning round on gulf crisis I Rhonda schaffler business writers.