Gold At $1,208

Gold reached it's lowest point since mid-February at $1,208. The opening hours were favored by the bears who were happy to see Gold almost reaching the psychological level of $1,200. After the decline, however, price managed to recover and reached $1,218.80, more than $10 in just a few hours.

The decline is also influenced by the H&S pattern seen on H1.

Due to the high volatility it is advisable that traders and investors refrain from taking heavy positions on high leverage. Major target in current short-term bear trend is $1,195, while first resistance is $1,219.80.

Chart: XAU/USD H1