Gold has four headwinds keeping its price down, say two strategists.
News flash: Gold is down.
Okay, that's not news. But, the 27% fall of gold been one of the biggest stories of 2013.
How sad is gold? Were it a component of the S&P 500, it would rank as the fifth-worst performing stock in the index in 2013. That means if you picked any random stock in the S&P 500 out of a hat back on January 1, you had a 99.2% chance of beating gold.
Three of the S&P 500 stocks doing worse than gold in 2013 are Terradata (down 27%), Peabody Energy (down 31%), and JC Penney (down 46%). But, to add insult to injury for gold bugs, the one stock at the very bottom of the barrel this year is a gold miner. Newmont Mining is down 50% year-to-date.
Can it get worse for gold?
Yes, yes it can, according to Talking Numbers contributor Richard Ross, Global Technical Strategist at Auerbach Grayson.
"There's very little evidence in the short-term technical backdrop to suggest that the lows are in for gold," says Ross. "We just don't see the signs of a reversal anywhere really in the charts."
Ross' charts may see some support around the $1,200 per ounce level, but he isn't a buyer.
"The dollar in strengthening against emerging market currencies, which provides a bearish headwind for gold," says Ross. "Interest rates are backing up, albeit slowly, another headwind for gold. Stocks continue to move higher, another potential headwind for gold."
"I just don't want to own gold here."
CNBC contributor Gina Sanchez, founder of Chantico Global, agrees with Ross' bearish view on the yellow metal.
"The fundamental picture looks equally bearish," says Sanchez. She adds one more to Ross' list of headwinds for gold: inflation or, at least, lack thereof.
"As long as the inflation looks muted, the fundamentals for gold just aren't there" says Sanchez.
To see the rest of the analyses by Ross and Sanchez on gold, watch the video above.
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