Gold remains under pressure. Itseems that there are no buyers, no bottom pickers and no interest. Like allmarkets, this move in gold was not announced. However, as we have written thelast few days, the market footprint has gold in trouble and a move down to$1,240 is very realistic.
Of course, the conspiracytheorists are out and talking about gold manipulation by the Russians, Chineseand the banks. My words to them are look at the footprint of gold; although theinitial sell-off was unexpected, the subsequent footprint has been in line withthe down move.
Markets trade on human sentiment;even the high frequency trading programs were written by humans and trade onemotional words. We are looking for a level to buy, but will wait for a solidfootprint before doing so.
By Todd 'Bubba' HorwitzContributing tokitco.com
Follow @Bubba_Trading