Short term analysis
Weakening Dollar and Strong Euro is giving a boost for Gold to move upwards near 1760, it might retrace the 1720 zone before moving up, it could happen in the coming week.
Long term analysis
As of now, gold bulls have held long-term support directly in the face of one of the strongest USD rallies experienced in decades; a sign of strength. In parallel, sentiment for metals remains in the dump, and calls for $1,300 gold have begun popping up. Could a cascade down to the $1,530 area occur with a breach of the $1670 -75 level? Absolutely. In this trader’s opinion, evidence suggests it would take a market in the belief that the DXY is on its way to 120, and a FED more hawkish than is currently expected, for that to occur.
