NEW YORK ( AppreciateGold.com) -- Spot gold prices are quoted sharply lower Friday morning as the rally in the U.S. dollar index is taking its toll.Spot gold is currently trading at $1423.43. The paper gold SPDR Gold Shares ( GLD) is trading down $2.37 at $138.44. The world currency markets appear to be taking center stage as the Japanese yen continues to plummet and the Aussie dollar is in the midst of what could be a very large downside breakout. The rounding top in the dollar index that we have discussed has been negated, and it would seem to us that further dollar upside is likely. Should this be the case we feel that gold will continue to come under pressure,. With gold's failure to take prices above the 62% retracement of the down move, it would seem to us that a re-test of the April lows is now in the cards.