Gold is currently anticipating the end of the QE for today.
The price is declining firmly and heading to the the middle median line of the modified Schiff pitchfork where a horizontal support lies too. This area looks interesting for contrarian traders with a bullish bias on the precious metal.
The bounce area will be found around 1205$, in case of confirmation of this scenario I expect the price to bounce back to the upper median line of the pitchfork that is to say 1230$.
I'll post an update in case the price follows the current market scenario.