Gold Continues Climbing

In the past few days Gold continued moving to the upside and did not bounce off the resistance at $1,278 - $1,280 despite the fact that it formed a hanging man candlestick on the daily time-frame below that level. The precious metal broke above that resistance and continued climbing and it is very likely for it to eventually reach the next resistance level at $1,295, which coincides with the (MA)89 indicator on the same time-frame. A breakout above that level and above $1,300 will, in turn, likely lead to a further move to the upside towards the next resistance at $1,315. Either way, Gold remains very bullish for now.