KITCO NEWS - Gold prices have given up gains from last week as the 'fear trade' wanes and as investors pour money back into equity markets. But, one trader says he's not giving up on the metal just yet. Phil Streible of RJO Futures says he's closely watching key levels in the U.S. dollar index and copper prices but more so in the S&P 500 index. 'If the S&P takes out last Thursday high, chances are you will see the money that came out of it, pour right back into it,' he said. 'The fear trade will exhaust itself, people will pull out of the VIX and pull out of gold and go into the S&P.' And yet the Chicago-based trader isn't throwing in the towel. 'Gold futures posted a triple top just around $1,300 so it's understandable that a lot of people are going to take some money off the table.' Gold prices have fallen under pressure as tensions between North Korea and the U.S. seem to have abated - or as Streible put it, 'Kim Jong-un is all bark and no bite.' December Comex gold futures continued to trade under pressure Tuesday, last at $1,278.60 an ounce, down 0.91% on the day.

Watch more from Kitco News:

This article is commentary by an independent contributor.

More from Video

Former U.S. Education Secretary: Voters Are to Blame for Struggling Schools

Former U.S. Education Secretary: Voters Are to Blame for Struggling Schools

Meet Blackbird, the New 'Uber of the Skies'

Meet Blackbird, the New 'Uber of the Skies'

Here's How to Trade Walmart, Nordstrom, Macy's and J.C. Penney After Earnings

Here's How to Trade Walmart, Nordstrom, Macy's and J.C. Penney After Earnings

Here's Why Stock Picking Is Especially Important in the Retail Sector

Here's Why Stock Picking Is Especially Important in the Retail Sector

Tip For Financial Advisors: Think Outside the Box

Tip For Financial Advisors: Think Outside the Box