Gold Is Climbing for Now

Despite the several candlesticks formed on the daily time-frame that are a signal for an impending move to the downside for now Gold continues climbing. The precious metal has almost reached the (MA)89 indicator on the weekly time-frame, which is at $1,230. The question is whether it will be able to break above it. Once Gold does reach it there will likely be a short retracement from that level at the very least. If it does break above it, however, the way will be open for a much larger move to the upside, and I would not be surprised if Gold eventually reached $1,300 once again. One thing is certain, we have to watch that level closely.