Gold once again failed at the 1300 resistance level, and dropped back to 1266. With RSI at 70, it was a classic case of an “expected” reversal.
NOTE: Dave Reiter wrote on our blog, on 8th June 2017 :-
The bears are still firmly in control of the gold market. GCQ7 must generate a weekly close above 1301 in order to turn bullish on a short-term basis.