Gold Is Still Falling

As I expected, Gold reached $1,220 and not only it reached that level, but it also managed to break below it. Its next target is likely $1,200 which is (MA)89 on both the weekly and monthly time-frames, which means it is a pretty strong support level, not to mention that Gold has tested it twice already, as you can see on the screenshot above. So whether or not it will be able to break below it now is debatable. If it does manage to do so, the move to the downside will probably continue and Gold will fall towards $1,170. On the other hand, if it bounces off $1,200 again, it will likely start climbing back towards $1,260.