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Gold Continues To Get Pounded

Commentaries & Views

Gold remains under pressure. It seems that there are no buyers, no bottom pickers and no interest. Like all markets, this move in gold was not announced. However, as we have written the last few days, the market footprint has gold in trouble and a move down to $1,240 is very realistic.

Of course, the conspiracy theorists are out and talking about gold manipulation by the Russians, Chinese and the banks. My words to them are look at the footprint of gold; although the initial sell-off was unexpected, the subsequent footprint has been in line with the down move.

Markets trade on human sentiment; even the high frequency trading programs were written by humans and trade on emotional words. We are looking for a level to buy, but will wait for a solid footprint before doing so.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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