Rich Ross Of Evercore ISI Is Not A Buyer Of Gold

On CNBC's Fast Money, Rich Ross of Evercore ISI shared his technical analysis of gold with the audience. He presented a one year chart of gold and concluded that there is a clear downtrend channel. He explained that gold is down 11 percent year to date, just like euro. Above $1,100, Ross would cover some of his short position, because there could be some reflex buying if the price breaks that line. There is also a strong downtrend on the weekly chart of gold, which shows that the precious metal is struggling since 2011. Ross believes that traders should not buy gold unless it jumps above $1,215 price level. At the moment, it looks to Ross that the momentum is pushing gold towards $1,000 and ultimately it could reach $860 or $865.