The metal bottomed out at $1122 in December 2016 and clocked a high of $1295 in April. The subsequent sell-off to $1214 was short-lived as prices regained the bid tone and rose back to $1296 levels (June 6 high).

The chart shows the EUR/USD pair is inversely related to the difference between the yield on the 10-year Treasury note and the yield on the 2-year Treasury note (which represents the slope of the yield curve).

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With geopolitical risks and French election risk out of the way, the markets are more likely to focus on the rapidly changing Fed policy. The investors could bid up the US dollar on heightened odds of Fed balance sheet normalization

Gold could breach the key trend line support if the Fed talks about June rate hike and/or reduction in the balance sheet size.

Gold could confirm a bullish break above the 6-year long falling trend line if Le Pen/Melenchon win the first round of French elections. Certain factors like falling inflation expectations may cap gains in the yellow metal.

Weak Pound isn't boosting exports, thus the inflation-led weakness in the households's spending is likely to weigh over the UK GDP. It is highly essential that the wage growth picks up pace.

Rising UK inflation and the bullish break from the falling channel on the GBP/USD daily chart and a rounding bottom on the weekly chart suggests the pair may have bottomed out.

Gold dropped to a low of $1195.13 on March 10 and traded sideways ahead of the Fed rate decision before jumping to a high of $1233.73 levels on a dovish Fed hike.

A hawkish dot plot, upward revision of long-term interest rate projections and/or the other three rate hikes in 2017 (total of four rate hikes in 2017) would open the door for a break below $1140 and drop towards $1070 levels.

Gold looks set to test 50-DMA hurdle ahead of the next week's Fed meeting. Meanwhile, EUR/USD could still end up with an inverse head and shoulder formation.

Trumpflation could help Fed hike rates at a faster rate and get ready for future potential shock to the economy/financial markets.

Scenario I - Trump details fiscal plan. Scenario II - Trump disappoints expectations. In Scenario - I, Gold could revisit a larger rising trend line support seen around $1230.

Rumors are doing the rounds that UK Prime Minister May intends to trigger Article 50 - UK’s withdrawal from the EU as close as possible to the EU summit scheduled on March 9-10 i.e. at least three-weeks ahead of the self-imposed March 31 deadline.

Nice rebound from around $1219.19 followed by a close today above $1245 levels would open doors for $1270 (Apr 21, 2016 high) and possibly to $1278.74 (61.8% fib). Head & Shoulder pattern on the Dollar Index.

Gold prices could test $1200 on bearish divergence amid the revival in the US dollar. FTSE 100 charts show a loss of bullish momentum.