Two weeks ago, I said I would update my view if I became bearish on Gold. That happened last week after it failed the $690 resistance levels I have been worrying about. Now, I don’t expect support until $640 per ounce and with the CPI data coming in with muted numbers, I do not see an emerging catalyst to hold back a slide. The long-standing inverse relationship between the US Dollar and Gold is definitely still a factor, but I am watching it closely. As I wrote in the May Market Forces post, I am looking for the USD index to trend higher this month, and that is consistent with a bearish move in Gold. However, the global macro and trade data is always threatening to disrupt the dollar’s advance. Lastly, the growing protectionism of the Dems as witnessed by the May 9th version of a currency witch hunt might shake up the whole mess. Until further notice, I am a Golden Bear.