Gold loses its bullish momentum

Risk appetite has come back into the markets causing the price of gold to retrace to the downside, due to its status as a safe haven asset. Gold has a very good bullish momentum since the fears of a trade war between the United States and China hit the markets. Now that certain US officials are meeting with their counterparts in Beijing, the markets are back in risk appetite mode. The main stock indexes around the world are rallying, but gold is pulling back. The rally on gold took the price of the precious metal above the 1350 level, but today the price comes back down to the 1345 level. In case gold continues falling, its next support level could be the 55 day EMA around the 1323 level. To the upside, its most relevant resistance is at the peak reached at the 1366 level.