Gold Is Rising

After forming a double top at $1,219 Gold moved to the downside for several days but that move is clearly over for now, as the precious metal reached the support at $1,180, formed a clear hammer candlestick on the daily time-frame and started climbing. Currently Gold is still moving to the upside, and its closest target is the (MA)89 indicator on the same time-frame, which is at $1,211. That said, considering that the previous high is at $1,219 and is slightly above the indicator, it is also quite possible for the precious metal to reach that level as well. A breakout above $1,218 will likely lead to a further move to the upside towards the next resistance level at $1,230, which is the (MA)89 on the weekly time-frame.