The rise in gold over two weeks ago was largely influenced by emergencies (Libya's blows and North Korea's problems and the uncertainty of the French general election). With this kind of event to quell, the market hedge has been faded, into the serious overbought state of gold is expected to fall. But return to the fundamentals, gold prices are still highly positive correlation with the level of real interest rates. At present, although the Fed is tightening monetary policy, but the real interest rate below 0 is clearly a great positive for gold - the long term, gold will remain in the upward trend.
Gold's recent callback is another reason for risk sentiment. US stock market rally has undoubtedly pushed up the risk appetite, to suppress risk aversion, resulting in funds from the hedge varieties (gold, yen, etc.) into the stock market. However, this wave of rise is only because Trump promised to cut corporate and household business income tax caused by the good. Charts had previously pointed out that it was almost impossible to cut Trang's tax cuts to 15% when the US fiscal deficit was unusually severe - at least Congress would not have accepted it altogether. Once the market found that Trump's tax policy is only a mirror, the stock market will immediately from the current overbought state fell sharply, then the funds will undoubtedly re-enter the gold hedge assets such as gold.
Finally, from the price-earnings ratio, the US stock market is the world's developed countries in the current price-earnings ratio of the highest one. In other words, the current boom in US stocks is made up of bubbles. The new president Trump's wanton will seem to be the key to breaking the bubble. Once the US stocks crash, gold will restart the bull market.