With "risk on" trades on, that is not good for gold.
Precious metal is down over 1% now
Decision time for the bulls and bears as it tests a key barometer. Move below increases the bearish bias and will have traders looking toward $1496 to $1500 area (38.2% retracement). Holding the level will have traders wanting to see a move back above $1525.11 (low from Monday), with the broken 100 hour MA another target on the topside.