Lower bond prices (remember the US Fed has a heap to sell) = higher rates.
Higher rates = higher USD
Higher USD = GOLD lower
A move to fiscal stimulus (projects, infrastructure spending etc etc) from Trump means issuing a heap more debt (read US treasury bonds) = even lower bond prices = higher yields = higher rates = higher USD = GOLD lower.
This is why the US markets are rallying, in anticipation of a heap of fiscal stimulus about to be enacted of which they will be the beneficiaries.
Argue with the trend at your own peril I hate to say it. Something has to give eventually but how long can you wait until that happens.
Lovely results from BDR the other day I must say, crying shame how the macro picture has this turning out for now. Can't say I saw it coming but it makes a lot of sense. I will be waiting until I can see a proper bottom in gold and then start accumulating again.
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