Gold Is Rising Again

As I expected, the double bottom that formed on the Gold four-hour time-frame above the support at $1,305 did lead to a move to the upside and the precious metal reached $1,343 after which it formed several spinning tops on the daily time-frame and started moving to the downside again. Range continues, however, and Gold could not even reach the support at $1,310, which coincides with (MA)89 again. Instead it bounced off $1,315, formed another spinning top on the daily time-frame, this time above the support, and started climbing. It’s currently testing the resistance at $1,326 and if it breaks out above it will likely continue rising towards the resistance at $1,343 - $1,345 again.