Driven by expectations for Federal Reserve's monetary policies, gold is on course for the biggest weekly loss in more than three years. Overnight, gold dropped below its 200-day moving average and broke its last major support of $1,260/oz to close at $1,256.20.

According to Jeffrey Halley, senior market analyst at OANDA, gold may have some "minor support" in the $1,248/1,250 per oz area, but if we see gold close below that, then it can fall below $1,200 an oz.

Perhaps...