The heavy Euro sell-off that followed the drastic measure by Mario Draghi to lower the euro is starting to cool off. Euro is finally finding some support along the multi-year uptrend. The dollar rallied heavily and commodities took a huge hit this Fall. However, the technical bounce in the Euro could provide support to Gold as the dollar weakens. Additionally, Dollar neutral gold in on an uptrend. A weaker dollar would accelerate the bounce in gold.
Initial target: 20MA on Weekly/38.2% fibo retracement at 122 on GLD
lool wasn't expecting a special Halloween surprise of 241 Billion Dollar injection by the BoJ causing an epic spike in the dollar, enjoy the free money while it lasts!