Currently you can see the strong correlation between Gold and EUR/USD. A very strong Dollar let the precious metals decline. The COT report for EUR/USD is still very bearish. A further declining in EUR/USD will generate more pressure for the gold price. The seasonality in gold during May, June and July isn't supportive for gold. Probably the rally will start only at midsummer. Over the last 1.5 years gold followed the seasonality chart very well.
Seasonality Gold [www.seasonalcharts.com]:
