Gold ebbs despite North Korea news
Despite the spike higher yesterday after the North Korea news, gold looks at risk of creating a lower high, with a turn lower targeting $1290 and down to $1264.
It needs a move back above last week’s high of $1316 to break the sequence of downward moves. In this case, we would look for a move to $1340 in the short term. For now, however, the downside looks to have the upper hand.