The gold declines for second day and trades below $1,225

The yellow metal is extending its decline from Monday's high at 1,248 and after losing around $30 in the last two days, the XAU/USD reached intra-day lows at 1,218.

Currently, the Gold is pricing at 1,223 following a brief decline to 1,218 after FOMC minutes. However the pair managed to recover ground and trade above 1,220 area.

The gold is trading "right above its 20 DMA, also shedding ground this Wednesday, albeit presenting a more contained slide," comments FXstreet.com's Valeria Bednarik. "Nevertheless, the bearish long term trend remains in place, with scope to test $1200 in the short term, as long as below recent highs in the$1246/oz. area."