Gold Continues To Get Pounded
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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.