Something strange is happening in the market right now.
Stocks, bonds, gold, and volatility are all up in 2014, something that rarely occurs simultaneously. So, which one will give in first?
"Based purely on the technicals alone, I think gold remains most vulnerable here to a sharp pullback in the short-term," says Richard Ross, Global Technical Strategist at Auerbach Grayson.
Gold may be up about 10% so far this year and is finally above its 150-day moving average for the first time in over a year. However, Ross sees money leaving gold to go elsewhere, namely stocks.
(See: CNBC's Markets coverage)
"I think investors are looking once again to embrace risk, which means buying stocks and selling safe havens like gold," says Ross.
On a longer-term chart, Ross sees gold hitting resistance from its 50-week moving average and a long-term downtrend.
"The bigger trend remains down in gold," says Ross. "In theory, we want to be selling these countertrend run-ups in price until proven otherwise."
For Ross to be bullish, gold would have to close above $1,350 per ounce. "That being said, I really like stocks here," says Ross. "I'm not a big fan of gold. Take profits on the back of this early-year run."
CNBC contributor Gina Sanchez, founder of Chantico Global, is also bearish on gold.
"Eventually, gold has to continue that downtrend," says Sanchez. "It is consistent with what should be happening in the markets."
Trouble in Ukraine and other markets is leading to buying in gold and bonds, says Sanchez. But, she thinks a major flare-up remains a low-probability event and, like Ross, believes money will eventually switch from gold to stocks.
"Stocks will probably outperform," says Sanchez, "and gold will take its downtrend as it should."
To see where Sanchez is investing in now – and for Ross' charts on gold – watch the video above.