The USD has been consolidating, but a recent look at the USD Index shows signs of pending bullish outlook. IF the USD indeed takes another bullish swing, gold will likely take another bearish swing towards the low on the year. The daily chart already shows a market that has bearish bias though low volatility.Gold (XAU/USD) Daily Chart 7/1(click to enlarge)Note that gold is trading under the cluster of the 200-, 100-, and 50-day SMAs. The daily RSI has also held under 60 for the most part since March when it dipped below 30. With the bearish outlook intact, xauusd looks poised to test the 1161.30 low in June, then the 1142.67 low on the year. Gold (XAU/USD) Weekly Chart 7/1(click to enlarge) It should be noted that gold is bearish in the weekly chart as well. It has the same technical conditions as the daily chart, in that price is under the 200-, 100-, and 50-week SMAs. The RSI has also held under 60. Therefore, the bearish outlook can be extended towards the 1130 low in 2014, which is also the lowest gold has been since 2010.