As expected, yesterday evening was marked by volatility, with Gold trading in a 300 pips range from top to bottom. After a spike to support, a spike to resistance followed and the price stabilized in between. The pressure remains on the downside though and Gold is close to breaking short-term support. In such an instance we can have acceleration to the downside and 1600 can be the next target. As long as yesterday's high is in place, bears hold the upper hand.