Gold Is Moving to the Downside

Gold reached the resistance at $1,300, but could not break above that level and started moving to the downside again. Today it broke below the support at $1,240 again and continued falling, so it will likely soon reach the next support level at $1,220, which coincides with (MA)89 on the daily time-drame. Once it does reach that level there are two possible scenarios: it will either break below it and continue falling towards the next support at $1,200, or it will bounce off of it and likely start climbing towards the resistance at $1,270. I still have a short position open, but I will probably close it when it reaches $1,220 and wait for any further development before I open a new position in either direction.