Gold: Is This the End of the Rally?

I have little doubt that most people trading Gold are looking at the charts and wondering whether this is the end of the move to the upside. It failed to break above 1283, bounced off that resistance and started falling, eventually breaking below the support at 1240. In my opinion next target is the support level at 1200 – 1195. A breakout below that support level will be a signal that it will continue falling towards the next considerable support, which is at 1160. Either way, I think Gold will continue moving to the downside in the near future. Whether or not this means the correction is over remains to be seen.