Gold Down Again; Make It Stop
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Gold is lower again this morning. Some believe the trade wars are influencing the precious metals, which could be an underlying reason. However, markets really don’t care about the news, trade wars or anything else. They are driven by human emotion.
Gold and other markets don’t trade by themselves; humans make the trade. Many will argue that high-frequency algorithm trades control price, but the algos are written by people and react accordingly.
For now, gold wants to go lower and all the reasons we can find that it shouldn’t have influence on the outcome until buyers return to the market. We are looking to be buyers but not until the sellers stop selling. $1,240 is the next level we will look to be potential buyers. For now, we watch.