I expect Gold to make a good move here soon, with the current bollinger band compression we could see a good break to either direction. Watch the RSI and momentum indicators for a signal, I have alerts set on both lines for this play, just sit and wait.
If the stock market continue the super bullish trend, investors will liquidate more of their gold hedge positions to capture more short term profits from equities. As simple as that.
Tensions with China is the only thing to keep an eye on when it comes to gold in the short term imo.