Gold Is Testing $1,180

Gold has been moving to the downside for the past few months, but it seems that there will finally be some significant retracement as the precious metal reached the support at $1,125, could not break below that level, formed a spinning top candlestick on the weekly time-frame and started moving to the upside, not to mention that Gold has also formed a spinning top candlestick on the monthly time-frame as well. For now Gold is testing the resistance level at $1,180, and a breakout above that level will probably lead to a further move to the upside towards the next significant resistance level at $1,220, which coincides with the (MA)89 indicator on the daily time-frame.