Charles Nedoss, senior market strategist at Olympus Futures, said the action of the U.S. dollar index will be important to gold.

FORBES: METALS OUTLOOK: Gold Prices Could Rise Next Week If Market Holds Support, U.S. Dollar Weakens

Charles Nedoss, senior market strategist with Olympus Futures, said in addition to dollar strength, weakness in crude oil and grains pressured gold.

FORBES: Gold Prices Could Rally Next Week If Dollar Gains Fizzle

Charles Nedoss, senior market strategist at Olympus Futures, said that with no fresh headlines out of Europe there was less need for investors to seek safety in the dollar.

FORBES: METALS OUTLOOK: Gold Expected To Continue To Rise Next Week