Previously we stated that we were neutral on gold prices but recent price movement has caused us to get a little bit more bearish on the metal.
Previously gold found a little bit of a support in the 1262 area. It seems so far that the North Korea threat has reduced with President Trump saying he would be willing to meet with their leader "under the right circumstances." Right now the metal is right at its 200 DMA and 23.6% retracement line. Any break of the 1255 area can see more downward pressure. The 5 and 10 EMA is also showing bearish signs supporting at least a short term dip.
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