Gold Futures Inch Towards $1200

August Gold futures are trading lower by $5.20 at $1212.30 in Wednesday's session. The contract has been struggling to recover from its nearly $40 loss last week.

Off the open, it drifted into the $1220 handle, but the rally stalled at $1222.90. The ensuing decline paused at Tuesday's close ($1217.60), but is now drifting towards the $1210 area, with the current low standing at $1211.40.

If the decline continues, Tuesday's low is not until $1201.50.