SAN FRANCISCO (MarketWatch) — Gold prices settled lower on Monday, but found some support at the key $1,200 level as traders watched developments linked to Greece’s bailout extension.

Gold for April delivery US:GCJ5 fell $4.10, or 0.3%, to settle at $1,200.80 an ounce on Comex. The decline marked a second straight session decline for prices.

March silver US:SIH5 also declined by 1.9 cents, or 0.1%, to end at $16.254 an ounce.

The eurozone on Friday approved Greece’s bailout extension, soothing jitters and weighing on prices of the perceived safe haven. Next up, Athens must present a list of reforms to be approved by creditors. Read: Greece’s debt deal isn’t the end of eurozone drama.

How to keep calm in a volatile market

Worries about Greece’s bailout extension have calmed for now, dulling safe-haven demand for gold, but “how long this one lasts, nobody is certain,” said Kevin Kerr, president of Kerr Trading International.

Strength in the U.S dollar DXY, +0.03% on Monday also put pressure on dollar-denominated prices for gold.

Kerr expects the movement for gold overall to be lower this week. But “bargain hunters in the precious metals still abound, and I think when we see the Chinese markets reopen ... we may see some solid buying come in,” he said. Mainland Chinese stock markets were due to reopen Wednesday following the Lunar New Year holiday. Read: Gold prices aren’t reveling this Lunar New Year.

Gold prices will eventually rise, and the “risk on” trade will return, “as the Greek crisis once again flares up down the road, and as the dollar’s rally fades a bit. Good buying opportunities are ahead, and so are higher prices,” Kerr said.

Looking ahead, Federal Reserve Chairwoman Janet Yellen will give her semiannual testimony on the economy and monetary policy to Congress on Tuesday and Wednesday. “Anticipation of comments by Janet Yellen are likely to be muted, and no real change in stance for interest rates is forthcoming anytime soon,” said Kerr.

In other metals trading, March copper US:HGH5 settled little changed at $2.593 a pound. April platinum US:PLJ5 lost $6.60 to $1,162.90 an ounce, and March palladium US:PAH5 added $6.75 to $785.95 an ounce.