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Gold investors are questioning whether or not the metal can fall below $1,200 as the market is faced with significant selling pressure, and one bank says it could fall another 6%.

"The key level at $1,214, which was the double top neckline, has given way on a weekly close basis," noted the CitiFX team, led by Tom Fitzpatrick.

"The setup points towards a move to $1,133."

Gold prices have fallen under recent pressure despite finding some reprieve Monday. After falling to a four-month low overnight, August Comex gold futures last traded higher at $1,214.50 an ounce.

Citi explained that if the $1,133 level is reached, gold will fall into negative territory and support will lie near $1,121 an ounce.

Interestingly enough, back in late June when gold was trading near $1,300, a team at Citigroup suggested the metal’s downtrend was running out of steam.

Reference: Kitco