The gold market could hit $2,600 as U.S. dollar index falls below 104 - DeCarley Trading's Carley Garner

- The U.S. dollar continues to dominate the gold market; however, momentum in the greenback could be running out of steam as the Federal Reserve is unlikely to continue to maintain its aggressive monetary policy stance through year-end, according to one market strategist.

Garner said she expects the U.S. dollar index to hold resistance below 105 points. Ultimately, she sees the U.S. dollar eventually retesting support at 99 points. One factor that could spark a selloff is if the Federal Reserve shifts to a more neutral monetary policy stance, leaving interest rates unchanged through year-end. According to the CME FedWatch Tool, markets see a more than 90% chance of no rate hike later this month and only a 50/50 chance of a rate hike in November.

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