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Bullion's recent losses take it closer towards the key $1,200 an ounce level, a breach of which could trigger technical selling.
"We could see the markets start coalescing around expectations that the Fed will now put a rate increase back on the table, perhaps for some time in May or June," said INTLFCStone analyst Edward Meir.
Gold could fall below $1,200 soon and test key double bottom support at around $1,170-$1,175, he said.
In the near term, support for gold sits around $1,215 and below this at $1,210, said MKS Group trader Sam Laughlin.
Money managers increased their net long position in Comex’s gold between 16 – 22 Marchs by 14,805 contracts from 146,805 to 161,610 contracts according to CFTC
However, in the period, gold price declined around 0.78 percent that On 22 march, Comex’s gold settled at 1,248.6 USD per an ounce, while on 22 march, the contract settled at 1,235.8 USD per an ounce
Reference : Reuters, CFTC
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