"Gold has support nearby at $1,720, and if the US dollar strengthens in Asia and Europe, it could test that level, prompting some stop-loss selling," said OANDA senior market analyst Jeffrey Halley.
The metal may retest a support at $1,716 per ounce, a break below could cause a fall into the range of $1,669 to $1,691, according to Reuters technical analyst Wang Tao.
The European Central Bank may need some time before the recently agreed acceleration in the pace of money printing, ECB President Christine Lagarde said on Thursday.