Brian Kelly Is Bearish On Gold

On CNBC's Fast Money, Brian Kelly shared his analysis of future direction for gold price. He used technical analysis to identify patterns that forecast a decline in gold to the $880-$700 price level. He drew a pattern which he calls a vomiting camel and he showed that it is currently sitting on the rhombus formation. According to Kelly, this is a bearish signal that should lead to a possible 25 percent decline in gold. Guy Adami said that gold has had many reasons to rally in the last 18 months, but it has failed to do so. He added that he tried to play it from a long side without any luck. Adami thinks that the strong dollar could lead to a further decline in gold.