After 10-Day High, Gold May Take a Breather

June deliver for gold dropped $5.70, to finish the session at $931.80 an ounce on the NYMEX.

The dollar hitting an all-time low against the euro, and weak against many currencies recently, it really had nowhere to go but up, and that's what it did, causing some pressure on gold, as investors took some profits on the yellow metal.

Some felt this is a signal to get ready to buy gold again, as it is thought the market remains "strongly biased to the upside at this point," said Zachary Oxman, senior trader at Wisdom Financial. "I'd treat this dip as another proxy to buy as the market breaks up to $960.”

With OPEC also continuing to hold to their belief that there is plenty of oil on the market, it could affect gold as well, as Mark O'Byrne, executive director at Gold & Silver Investments Ltd. said, "With oil reaching new record highs, there is likely to be inflation-hedging gold buying."

The European economy could become a factor in pressuring gold prices as well, with some saying “If the ECB succumbs to pressure and starts to slash rates because of slower growth, the dollar may be able to make up some ground, which is going to make gold's life a little more difficult,” said Matt Zeman, a metals trader at LaSalle Futures Group Inc.