Bank of America Global Research on Gold outlook. 

"In commodities, the sharp decline in crude oil triggered some long unwinds, and further weakness could bring additional selling from CTAs that remain stretched long," BofA notes

"Gold shorts remain elevated, but the rebound has brought the first buy-to-cover triggers to roughly 2% above current levels. Trend followers also stopped out of copper longs this week, while selling could broaden across the soybean complex next week.

BofA targets Gold prices around $4,000 per troy ounce by year-end with marginal lows s below that level.