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Gold Down Again; Make It Stop

Commentaries & Views

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.

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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