Gold Found Some Support at $1,180

Gold has been moving to the downside for the past three weeks and for now the trend remains quite bearish. What is more, the precious metal broke below the crucial support level at $1,200 and is now firmly below it. However, we can likely expect some temporary retracement in the near future, considering the two spinning top candlesticks that have formed on the four-hour time-frame above the support at $1,180. If that signal is valid we will likely see Gold move to the upside to test the $1,200 level, which from a support would have become a resistance. That said, I don’t expect it to break above it – it’s far more likely to bounce off that resistance and continue on its way down.