The Comex gold futures market dropped to a 12-month low late this week as prices are in an accelerating downtrend on the daily bar chart. There are no early technical clues to suggest the yellow metal will put in a bottom any time soon–even though the market is now short-term oversold and due for a corrective bounce. The strong U.S. dollar and falling crude oil prices are bearish “outside market” forces working against the precious metals markets at present. Also, there is little risk aversion in the world marketplace so far this summer. Gold bulls need a good dose of new geopolitical uncertainty to boost the safe-haven metal. Stay tuned!