There has been a subtle shift in the outlook for gold in recent weeks as a USD rebound has kicked in. Gold is less positive now and consolidation is weighing on the bullish outlook. The next phase could be triggered by the ECB on Thursday which could have a profound impact on EUR/USD and subsequently drive the gold price near term.
The dollar moves still seem to be a factor in how gold performs. In recent sessions the correlation has again turned sharply negative between Dollar Index and gold.
This comes as the dollar has consolidated back to a key multi month downtrend. This move still looks to be a consolidation within the trend and another chance to sell. However, the consolidation has now bro