Gold is lower again this morning.Some believe the trade wars are influencing the precious metals, which could bean underlying reason. However, markets really don't care about the news, tradewars or anything else. They are driven by human emotion.
Gold and other markets don'ttrade by themselves; humans make the trade. Many will argue that high-frequencyalgorithm trades control price, but the algos are written by people and reactaccordingly.
For now, gold wants to go lowerand all the reasons we can find that it shouldn't have influence on the outcomeuntil buyers return to the market. We are looking to be buyers but not untilthe sellers stop selling. $1,240 is the next level we will look to be potentialbuyers. For now, we watch.
By Todd 'Bubba' HorwitzContributing tokitco.com
Follow @Bubba_Trading