U.S. dollar index

Last week we noted that the odds favored more upside in precious metals before a larger correction would begin. While that view remains on track, we want to note the renewed strength in the U.S.

The week ending Feb. 12, 2016 was not for the "faint of heart."

Unlike like many analysts, Joe Mazumdar of Canaccord Genuity does not expect a substantially higher gold price any time soon.

Gold is heading for a second straight annual loss, the longest slump since 1998, after the dollar strengthened and inflation failed to accelerate this year.
A look at the S&P 500, U.S. Dollar Index and gold.
What should you watch for?
The U.S. Dollar Index advanced against most of its 16 major peers amid bets the Federal Reserve will further reduce its bond-buying stimulus.
The U.S. Comex gold futures rallied 0.64% in the past two days to $1,346.70 on March 11.
The U.S. Comex gold futures rebounded 1.04% in the past two days, ending above $1,350 on Thursday.
Gold dropped 0.8% today as equities bounced higher after reports that Russian President Vladimir Putin had ordered troops engaged in exercises in an area which borders Ukraine to return to their base.