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 bottoming and finding some support at the multi-year uptrend support.
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.
Initial target: 20MA on Weekly/38.2% fibo retracement at 122 on GLD